<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, May 18, 2016 1:07 AM</td></tr><tr><td>To:</td><td>Jeff Brodsky</td></tr><tr><td>Subject:</td><td>Re: Proposal for Family Office Review for Leon Black</td></tr></table>

Speak tomorw?

On Tuesday, 17 May 2016, Jeff Brodsky <

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Jeff,

Any thoughts or questions regarding our proposal?

Best regards, Jeff

From: Jeff Brodsky Sent: Thursday, May 12, 2016 1:02:13 AM To: jeffrey E. Cc: Bobby A Stover; Jon Carroll; Charlie.' Carr; Alan Greenwell Subject: Proposal for Family Office Review for Leon Black

Jeff,

As we discussed, EY has a defined approach to help a=family office review and improve its operations. After discussing wi=h my team the information you shared with me, I'm attaching the fo=lowing items which describe our recommended approach:

1. =AO A sample Statement of Work for doing a diagnostic review of a=family office. This would be coupled with an Engagement Agreement between =Y and Leon's family office. Based on our initial discussions, we b=lieve the Phase I review would cost between $150,000 to $200,000 and would include our team of 4 professionals being o= site reviewing the family office systems, processes, etc. and conducting =nterviews over a period of 4 to 5 days, several follow-up phone calls, and=a final meeting to present the findings and initial recommendations of our report. Once we are able=to gain a better understanding of the family office we can provide a detai=ed work plan and timeline.

2. =AO Family Office Business Requirements Document and Sample Diagn=stic Report. The outcome of our review will be a Diagnostic Report. =ttached is a sample report that we use to describe the process to clients,=although the actual report is more detailed with findings and recommendations. We use the report to help outline=a Business Requirements document (see attached BRD Table of Contents) whic= defines the key performance indicators that drive

the type of reporting t=at is to be developed for the key stakeholders and management of the family office. Each report is highly customize= to each family office based on its needs and key performance indicators.=C2

Please review the attached and let me know if you ha=e any questions. It might be helpful to schedule a call with myself and ot=er team members to provide additional insight regarding our approach.

We are excited by this opportunity and look forward =o hearing back from you.

Best regards, Jeff

Jef= Brodsky I Private Client Services

<=span>

Ernst &=mp; Young LLP

155 N. =acker Dr., Chicago, IL 60606

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