<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, October 17, 2014 1:36 PM</td></tr><tr><td>To:</td><td>Ada Clapp</td></tr><tr><td>Subject:</td><td>Re: FW: Promissory Notes Required</td></tr></table>

yes thnks

On Fri, Oct 17, 2014 at 9:28 AM, Ada Clapp > wrote:

Sorry but I don't understand =our answer. Do you mean:

* =C2* Note from Leon to LDB 2011LLC f=r $2,903,392.00 should have a 3 year term with interest at .38%, interest =o be paid annually?

* =C2' Note from BFP to Leon for $10,40=,000 should have a 9-year term with interest at 2.2%, interest to be paid =nnually?

Thanks.

Ada Clapp=/p>

Chief Legal Officer

Elysium Management LLC<=span>

445 Park Avenue<=p>

Suite 1401

New York, New York 10022

This communication and any attachm=nt is for the intended recipient(s) only and may contain information that =s privileged, confidential and/or proprietary.=C2 If you are not the intended recipient, you are hereby notified that

furthe= dissemination of this communication and its attachments is prohibited. =AO Please delete all copies of this communication and its attachments and =otify me immediately that you have received them in error. Thank you.

From: Jeffrey E. [mailto:jeevacation@gmail.coml Sent: Friday, October 17, 2014 9:10 AM To: Ada Clapp Subject: Re: FW: Promissory Notes Required

ok to both

On Fri, Oct 17, 2014 at 9:03 AM, Ada Clapp rote:

Hi Jeffrey,<u>

I received the below e=ail from Rich D. Please let me know:

	(i) =C2 what interest rate you would like to u=e for each note;

(ii) =C2 whether interest will be paid annually=or whether unpaid accrued interest will be added to principal each year an= paid at the end of the term; and

	(iii)<=pan style="font-size:7.0pt;color:#1f497d"> =C2 what the term of each note should

be.<=span>

=u>

Thanks.

From: Richard D'Agostino
Sent: Friday, October 10, 2014 5:50 PM
To: Ada Clapp
Cc: Eileen Alexanderson; Richard Joslin
Subject: Promissory Notes Required

Ada,

Your assistance in drafting promissory notes is requi=ed. Below are the transactions for the notes needed:

I. =AO =C2 On October 2, 2014, LDB 2011LLC sold various public stocks [schedule=below] to Leon Black, consideration for which will be in the form of a not= from Leon. For valuation purposes, closing prices on October 2 were used. To be consistent with prior practice,=and unless you disagree, I suggest using the IRS provided Applicable Feder=l Rate ("AFR") for October for a short-term period (3 year=).

II. =AO =C2 A note was never created on April 28, 2014 with respect to a $10,400,=00 borrowing by Black Family Partners LP from Leon Black. At the tim=, it was decided by JEE that the 7520 rate for the month, 2.20%, would be used rather than the AFR for a mid-term period. =AO I suggest using the farthest range in the mid-term range which is 9 yea=s unless you feel otherwise.

Let me know if you require any other information. =AO Thank you in advance for your help.

please no=e

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## =C2 please note

The information co=tained in this communication is confidential, may be attorney-client pr=vileged, may constitute inside information, and is intended only for

JEE

Unauthorized use= disclosure or copying of this communication or any part thereof is str=ctly prohibited and may be unlawful. If you have received this commu=ication in error, please notify us immediately by return e-mail or by e=mail to jeevaca=ion@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereo=, including all attachments. copyright -all rights reserved

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