<table><tr><th>From:</th><th>Ada Clapp &lt;</th></tr><tr><td>Sent:</td><td>Friday, October 17, 2014 1:29 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>RE: FW: Promissory Notes Required</td></tr></table>

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

* Note from Leon to LDB 2011 LLC for $2,903,392.0O should have a 3 year term with interest at .38%, interest to be paid annually?

• Note from BFP to Leon for $10,400,00O should have a 9-year term with interest at 2.2%, interest to be paid annually? Thanks.

Ada Clapp is the Chief Legal Officer at Elysium Management LLC. The company's address is Suite 1401, New York, New York 10022. Contact information (direct dial, fax, email) is redacted.

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ok to both

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

Hi Jeffrey,

I received the below email from Rich D. Please let me know:

	(i) what interest rate you would like to use for each note;

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

	(iii) what the term of each note should be.

Thanks.

From: Richard O'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 required. Below are the transactions for the notes needed:

I. On October 2, 2014, LDB 2011 LLC sold various public 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 with prior practice, and unless you disagree, I suggest using the IRS provided Applicable Federal Rate ("AFR") for October for a short-term period (3 years).

II. A note was never created on April 28, 2014 with respect to a $10,400,000 borrowing by Black Family Partners LP from Leon Black. 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. Thank you in advance for your help.

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