<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, October 17, 2014 1:10 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>

ok to both

On Fri, Oct 17, 2014 at 9:03 AM, Ada Clapp < <mailto » > wrote:

Hi Jeffrey,<=u>

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

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	(i) =C2 what interest rat= you would like to use for each note;

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

	(iii) =AO what the term of =ach note should be.

=u>

Thanks. <3

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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:</=pan>

I. =C2 =AO On October 2, 2014, LOB 2011LLC sold various pu=lic stocks [schedule below] to Leon Black, consideration for which will be=in the form of a note from Leon. For valuation purposes, closing prices on October 2 were used. To be consistent wi=h prior practice, and unless you disagree, I suggest using the IRS provide= Applicable Federal Rate ("AFR") for October for a short-t=rm period (3 years).

II. =AO =C2 A note was never created on April 28, 2014 with =espect to a $10,400,000 borrowing by Black Family Partners LP from Leon Bl=ck. At the time, 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. I suggest using the farthest range in the mid=term range which is 9 years unless you feel otherwise.

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

=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 <mailtoleevacation@gmail.com> , and destroy this communication and all copies thereo=, including all attachments. copyright -all rights reserved

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