SCHEDULE B

SCHEDULE B Pursuant to Article I of the JUDAH INVESTMENT. TRUST AGREEMENT, u/t/a dated Dec ember 21, 2006, by and between LEON D. BLACK, as settlor (the "Senior"), and the Settlor and JOHN J. HANNAN, as trustees (the "Trustees"), the Settlor hereby transfers to the Trustees the Settlor's entire limited partnership interest in APOLLO MANAGEMENT IV, L.P., a Delaware limited partnership, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST B, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The • percentage to be used to establish the Initial Annuity Payment applicable. to the JUDAH INVESTMENT TRUST B (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article 11 of the Trust Agreement, results in the Settlor's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST B shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule B may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule B, binding on all the parties hereto. Dated: December 21, 2006 LEON D. BLACK, Settlor and Trustee This Schedule B shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. NY I A.1470406%0IWSKAIOI LDOC126$04.0001 EFTA01145964 STATE OF Ma' torit )ss.: COUNTY OF fil e t' rark ) On the tiseaday of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK., personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 064 sr A-O/1 STATE OF AI rv•tee ) ) ss.: COUNTY OF NA- so ik ) Notary Public CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC4602951 Qualified in Westchester County Commission Expires Oct. 31, 2009 On the Za.(day of December, 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and • that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. Notary Public Public CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC46 95 Qualified in Westche0s2ter1 County Commission eqnfres Oct. 31, 2009 NY1M470406\O1\VSKM0ILDOO.26$04.0001 2 EFTA01145965 . ,• SCHEDULE C _ _Pursuant to Article.Lof the JUDA1UNVESTMENT .TRUST. AGREEMENT, ti./t/a dated December 21, 2006, by and between LEON D. BLACK, as settlor (the "Senior"), and the Settlor and. JOHN J. HANNAN, as trustees (the "Trustees"), the Senior hereby transfers to the Trustees the Senior's entire limited partnership interest in APOLLO MANAGEMENT V, L.P., a Delaware limited partnership, to.hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST C, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The percentage to be used to establish. the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST C (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Senior's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST C shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule C may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule C, binding on all the parties hereto. Dated: December 21, 2006 LEON D. BLACK, Senior and Trustee This Schedule C shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof NY I :%1470645101WSROOI I. DOCA26504.0003 EFTA01145966 . .1 • STATE OF Ale-, rotriC COUNTS--OF N..- rk On the 454-day of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF ItIsit;ac, ) ss.: COUNTY OF ttic ran Notary P9 lic CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC4602951 Qualified In Westchester County Commission Expires Oct. 31, 2009 On the bs,4-day of December, 2006, before me, the undersigned, a NOtary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. &L.? Notary Public CARLYN S. ty'scCAFFREY Notary Public, New State of York No. ovoc44302951 Qualified In Westchester y Commission Expires Oct. Co31, 2009 WYM147064SVIWSR9011.D0CV6S04.0O33 2 EFTA01145967 SCHEDULE D - -P-ursuanuo.ArticleLotthe -JLTDAH.INVESTMENT_TRU.ST A.GREEMENTaittta. dated December 21, 2006, by and between LEON D. BLACK, as settlor (the "Settlor"), and the Settlor and JOHN J. HANNAN, as trustees (the "Trustees"), the Senior hereby transfers to the Trustees the Senior's entire limited partnership interest in APOLLO MANAGEMENT VI, L.P., a Delaware limited partnership, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST D, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The percentage to be used to establish. the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST D (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty. (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Settlor's right to receive the Annuity Payments having a value equal to .NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST D shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule D may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule D, binding on all the parties hereto. Dated: December 21, 2006 LEON D. LACK, Settlor and Trustee • OW This Schedule D shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. NV 1 A14 70649 \ 01 WSRD0I I. D0O26504.0001 EFTA01145968 STATE OF Aiet.- }Sig. ) ss.: COUNTY OF Nom—nrK j On the Z/Sof-day of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to Inc on the basis of satisfactory evidence to be the individual whose name is subsCribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF i() era X..0 ) ) ss.: COUNTY OF MIA, Pet( ) Notary Public CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC4602951 Qualified In Westchester County Commission Expires Oct. 31, 2009 On the 2.1.1/ -day of December, 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. S. ,at!in Notary Public CAFtLYN S. McCAFPREY Notary Public, State of New York No. 021C4602951 rx:rseac, In iNestchester County . ar- 'tits Oct 31,1009 NMI 47064901 \ VTADOI 1.DM-1269)4.0CM 2 EFTA01145969 SCHEDULE E - Pursuant to Article. I of the JUDAH INVESTMENT TRUST AGREEMENT, uNa dated December 21, 2006, by and between LEON D. BLACK, as settlor (the "Settlor'D, and the Settlor and JOHN J. HANNAN, as trustees (the "Trustees"), the Settlor hereby transfers to the Trustees the Settlor's entire limited partnership interest in APOLLO INVESTMENT MANAGEMENT, L.P., a Delaware limited partnership, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST E, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The percentage to be used to establish the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST E (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Settlor's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST E shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule E may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule E, binding on all the parties hereto. Dated: December 21, 2006 LEO D. BLACK, Settlor and Trustee This Schedule E shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. NY IM470650 OIWSR•01 !DC:026504.0M EFTA01145970 STATE OF Ate,.. ) ss.: COUNTY OF Na, Styx ) • On the 24-tllay of December 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF A.hz... COUNTY OF /Vet.araric ) ) ss.: Notary P blic CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC4602951 Qualified in Westchester County Commission Expires Oct. 31, 2009 • On the 4.1.r, day of December, 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. Notary Public CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC4602951 Qualified In Westchester County Commission Expires Oct. 31, 2009 NY I ,U4706.10VIWSRPOI I.DOC126104.000I 2 EFTA01145971 SCHEDULE F Pursuant. to Article Lof.the JUDAH INVESTMENT TRUST AGREEMENT, u/t/a dated December 21, 2006, by and between LEON D. BLACK., as settlor (the "Senior"), and the Settlor and JOHN J. HANNAN, as trustees (the "Trustees"), the Settlor hereby transfers to the Trustees the Senior's entire limited partnership interest in APOLLO VALUE MANAGEMENT, L.P., a Delaware limited partnership, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST F, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The percentage to be used to establish the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST F (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty-(20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Settlor's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST F shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule F may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule F, binding on all the parties hereto. Dated: December 21, 2006 LEON D. BLACK, Settlor and Trustee This Schedule F shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. NY1 N 47065)%0 I WSRFOI 1.1)0026504.0001 EFTA01145972 STATE OF AU"- R4-4 COUNTY OF Me" ?:42" ) ss.: On the LW -day of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF ML l`aic COUNTY OF /121--Y" K ) ss.: th,,, s_g CAR11_19NtaPtit;uaKEY Notary Public, Slate of New York No. 02MO4602951 Qualified In Westchester County Commission Expires Oct. 31, 2009 On the .&eday of December, 2006, before me, the undersigned, a NOtary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. A -r& Notary Public CARLYN S. NIcCAFFREY N State of New York No. 02MO4602951 Querthed in Westchester County ,,,mission Expires Oct. 31, 2009 NY I M470651WIWSRPOI I.DOC '36504.00M 2 EFTA01145973 SCHEDULE G Pursuant to Article. I.of the JUDAH INVESTMENT TRUST AGREEMENT, u/t/a dated December 21, 2006, by and between LEON D. BLACK, as sailor (the "Settlor"), and the Settlor and JOHN J. HANNAN, as. trustees (the "Trustees"), the Settlor hereby transfers to the Trustees the Senior's entire limited partnership interest* in APOLLO SVF MANAGEMENT, L.P., a Delaware limited partnership, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST G, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The percentage to be used to establish. the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST G (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Settlor's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST G shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule G may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule G, binding on all the parties hereto. Dated: December 21, 2006 JOrIANNe, Trute/74— This Schedule G shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. NY I 470653%0IWSRH0I LDOCV6104.000I EFTA01145974 STATE OF ) ) ss.: COUNTY OF/21-A- 7.44. ) On the 21-1-frtlay of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF An- 'lien. COUNTY OF MI- re'fiC ) ) ss.: Notary Public CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC4f302951 manned in Westchester County r• 1.3.51an Expires Oct. 31, 2009 On the 1..e.ltday of December, 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. Notary Public CARLYN S. McCAFFREY Notary Public, State of New York No. 02NICA602951 "..islifled in Westchester County :.r„•Iinds5bn Expires Oct. 31, 2009 NY I :M470613‘011WSRHOI I.D0026504.0301 EFTA01145975 SCHEDULE H - Pursuant to. Artielei of the SUDAN INVESTMENT TRUST AGREEMENT, tilt/a dated December 21, 2006, by and between LEON D. BLACK, as senior (the "Senior"), and the Senior arid JOHN J. HANNAN, as trustees (the "Trustees"), the Senior hereby transfers to the Trustees the Settlor's entire limited partnership interest in APOLLO ASIA MANAGEMENT, L.P., a Delaware limited partnership, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST H, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The percentage to be used to establish the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST H (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Settlor's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST H shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule H may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule H, binding on all the parties hereto. Dated: December 21, 2006 LEON D. BLACK, Settlor and Trustee This Schedule H shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. NYI:U4705SACHIWSRJOILD0026.504.0001 EFTA01145976 STATE OF Ait...2".4.4 COUNTY OFfit...•#`; ) ss.: On the 430-day of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF NM-- , ;42 - ) COUNTY OF NA' r" A. ) Ws /2 NogsAgitgic cARLyN S. oct . 200 9 ,r.r:U 1 :: str_te of New3:oik it3tarl No. 02MC4602951 - in Westchester count/ • :4113: Val I CXD•Ma On theta day of December, 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 49 Notary Public CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC4602951 Qualified in Westchester County commission Expires Oct. 31.2009 NY I A1470655101WOJ0RDOO26504.000i 2 EFTA01145977 SCHEDULE I ._ Pursuant .to Artielel of the JUDAH INVESTMENT TRUST AGREEMENT, u/t/a dated December 21, 2006, by and between LEON D. BLACK, as senior (the "Settlor"), and the Senior and JOHN J. HANNAN, as trustees (the "Trustees"), the Settlor hereby transfers to the Trustees the Senior's entire limited partnership interest in APOLLO EUROPE MANAGEMENT, L.P., a Delaware limited partnership, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST I, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The percentage to be used to establish the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST I (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Senior's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST I shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule I may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule I, binding on all the parties hereto. Dated: December 21, 2006 LEON D. BLACK, Settlor and Trustee JO11$9.;;Cd .bilastefi t- 7 -- This Schedule I shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. TrflAI470,WP0W/SW0IEDOO26$04X401 EFTA01145978 STATE OF /1./A., frot-4. ) ) ss.: COUNTY OF /t/A—ta ) On theZarday of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF NvX ) COUNTY OF MA" 7-'4 ) ss.: ) e45 Notary Public CARLYN S. McCAFFREY Notary Public, State of New Yolk No. 02MC4602951 Qualified in Westchester county • -lakicin Evilreo Oct. 31, 2009 On the 20/—day of December, 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 5- 4.6--> Notary Public CARLYN S. McCAFFREY Notary Public, State of New York No. 02MC4602951 nuatified in Westchester County Expires Oct. 31, 2009 NY I Al 470658101WSRMOI I.DOC265O4.0ODI 2 EFTA01145979 :: • SCHEDULE J . Pursuant to. Articia.I of the JUDAH INVESTMENT TRUST AGREEMENT, u/t/a dated December 21, 2006, by and between LEON D. BLACK, as settlor (the "Senior"), and the Senior and. JOHN J. HANNAN, as trustees (the "Trustees"), the Senior hereby transfers to the Trustees the Senior's entire limited partnership interest in APOLLO ALTERNATIVE ASSETS, L.P., a Cayman. Islands limited partnership, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST J, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the "Trust Agreement"). The percentage to be used to establish the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST J (the "Trust') is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Settlor's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH • INVESTMENT TRUST J shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule J may be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule 5, binding on all the parties hereto. Dated: December 21, 2006 LEON D. BLACK, Se or and Trustee This Schedule J shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. NYIAI47065a01W$RX.011.OOO26504.0001 EFTA01145980 STATE OF Yea, COUNTY OF flitat' 4 ) ss.: On the Lafrztay of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF ) ) COUNTY OF NA, re"-- ) Notary Publi IMPtLYN S. McCAFFREY MatheY tib. o StCate York ,*. %Mntettester County Oct. 31.2009 On the 2-114cluy of December, 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. 6-0 P .1 Notary Public Public CARLYN S. McCAFFREY Notary Public; State of New York No. 02MC4602951 Qualified in Westchester county cannionon Expires Oct. 31, 2009 NY I A1470656 \ 0IWSRK0I LIDOC \26504.0001 2 EFTA01145981 SCHEDULE K Pursuant to. Article I of the JUDAH INVESTMENT TRUST AGREEMENT, u/t/a dated December 21, 2006, by and between LEON D. BLACK, as senior (the "Settlor"), and the Senior and JOHN J. HANNAN, as trustees (the "Trustees"), the Settlor hereby transfers to the Trustees an interest in Apollo Advisors VI, L.P., a Delaware limited partnership, described in the Assignment and Assumption Agreement (Apollo Advisors VI, L.P.) dated as of the date hereof, to hold in a new and separate trust to be known as the JUDAH INVESTMENT TRUST K, and to be governed by the provisions of the JUDAH INVESTMENT TRUST AGREEMENT (the " "Trust Agreement"). The percentage to be used to establish the Initial Annuity Payment applicable to the JUDAH INVESTMENT TRUST K (the "Trust") is such percent of the initial fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes that, when increased by twenty (20%) percent each subsequent year in accordance with the provisions of subsection (1) of section (B) of Article II of the Trust Agreement, results in the Senior's right to receive the Annuity Payments having a value equal to NINETY-NINE and NINETY-NINE HUNDREDTHS (99.99%) PERCENT of the fair market value of the Trust Fund of the Trust as finally determined for federal gift tax purposes. The day on which the term of the JUDAH INVESTMENT TRUST K shall end shall be the day before the second (2nd) anniversary of its Trust Creation Date. This Schedule K May be signed in counterparts and all of such counterparts shall for all purposes constitute one Schedule K, binding on all the parti hereto. Dated: December 21, 2006 LEON D. BLACK, Settlor and Trustee This Schedule K shall be affixed to the JUDAH INVESTMENT TRUST AGREEMENT and retained as a part thereof. NY I A1470664V1WSRSOI I.DOCV6504.0001 EFTA01145982 STATE OF 112.44- ) ) ss.: COUNTY OFA.1,-- ) On the 244-rdly of December , 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared LEON D. BLACK, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. STATE OF COUNTY OF A j n. ) ) ) ss.: Notary Public CARLYN S. McCFFREY Natty Public. State o Af New York No. 02M04602951 Qualified in Westchester County COMMISSSOn Expires Oct. 31, 2009 On the 2e4rday of December, 2006, before me, the undersigned, a Notary Public in and for said State, personally appeared JOHN J. HANNAN, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. e4.4 J1 /A‘ Notary Pur ---- CARLYN S. McCAFFREY Notary Public, State of New York No. 02m04002931 Qualified In Westchester County Commission Expires Oct 31,2009 NYIMIWASAMWSIIMMDXVON&M 2 EFTA01145983