May 26.2010

WELLS FARGO May 26.2010 Mr. Leon Black Apollo Management LP 9 West 57th Street, 43rd Floor New York, NY 10009 RE: The Black Collection Fine Arts Insurance Dear Leon: 330 Madison Avenue Seventh Floor New York. NY 10017 212462.7500 Main 212482.1043 Fax 800.962.2125 Toll Free Wells Fargo Insurance Services of NewYOrk-Inc. Enclosed please find primary and excess insurance company documents in connection with the May 8, 2010 renewal of your collection/fine arts program. Also attached are invoices representing the annual premiums totaling 8478,500 plus 51.995 taxes and fees on Lloyds business. Insurance is provided against the usual "all risks" terms and conditions with the territorial limits anywhere in the world. The basis of valuation in the event of a claim is your inventory/appraisal amounts or current market value at the time of loss whichever the higher. The total amount of insurance Is $1,000,000,000 and I attach herewith a synopsis of the placement. Please review the Named Insureds and advise if they are correct, Also, Bank of America, N.A. is listed as a loss payee. Copies of the primary and first excess renewal endorsements have been forwarded to the Bank per the attached. I trust all will be found in order and look forward to discussing this matter with you. Jeffrey H JAH:vnm End. EFTA01127356 FINE ARTS INSURANCE Leon Black and Debra Black, oak MAY 8, 2010 to May 8, 2011 INSURANCE CO./ LAYER LIMIT RATE ANNUAL PREMIUM XL Specialty Insurance Co. (Primary) $100,000,000 .11 $110,000 Chubb Group (I" Excess) $ 100,000,000 .055 $55.000 AXA Art Insurance Corp. (2nd Excess) $100,000,000 .045 $45,000 Travelers Insurance Co. (3'd Excess) $100,000,000 .045 $45,000 Chartis Property Casualty Co. (MG) (4th Excess) $100,000,000 .04 540.000 Fireman's Fund Insurance Co. (5111 Excess) $100,000,000 .036 $36,000 Lloyds Underwriters j6th Excess) $50,000,000 .035 $17.500 AXA Art Insurance Corp. (7d' Excess) $100,000,000 .035 $35,000 Bankers Standard Insurance Co. ACE Private Risk Services (8th Excess) $100,000,000 .04 $40,000 XL Specialty (Non-program) 9th Excess) $50,000,000 .04 $20,000 Lloyds Underwriters (10th Excess) $100,000,000 .035 $35,000 Total: $1,000,000,000 Annual: 8478,500 May 8,2010 EFTA01127357 WELLS FARGO May 17. 2011 Mr. Leon D. Black Apollo Management LP 9 West sr Street, 43`4 Floor New York. NY 10009 RE: The Black Collection Fine Arts Insurance Dear Leon: Wells Fargo Insurance Services of New York, Inc. 330 Madison Avenue 7th floor New York NY 10017,6CxX Business: 212 682 MOO rax: 212 682 2043 wellsfarco.com/whs Enclosed please find primary and excess insurance company documents in connection with the May 8, 2011 renewal of your collection/fine arts program. Also attached are invoices representing the annual premiums totaling $606,000 plus 51.995 taxes and fees on Lloyds business. Insurance is provided against the usual 'all risks" terms and conditions with the territorial limits anywhere in the world. The basis of valuation in the event of a claim is your inventory/appraisal amounts or current market value at the time of loss whichever the higher. The total amount of insurance is 51,350,000,000 and I attach herewith a synopsis of the placement. Please review the Named Insureds and advise if they are correct. Also, Bank of America. N.A. is listed as a loss payee. Copies of the primary and some excess renewal endorsements have been forwarded to the Bank per the attached. I trust all will be found in order and look forward to discussing this matter with you. \Sincerely. , N.14 J8ffFe..&L*er JAH:vnm End. (v..% scresolas, sew a Together we'll go far EFTA01127358 WY ',LS PARC 0 INSURANCE. May 7, 2012 Mr. Leon D. Black Apolo Management LP 9 West 5th Street, 43rd Floor New York, NY 10019 RE: The Black Collection Fine Arts Insurance Dear Leon: wells Fargo Insurance Services USA. Inc. 330 Madison Avenue 7th Moe New York, NY 10017-5001 Tot: 217. 682 7500 Fax: 212 6621043 wfiamellof ergo con Enclosed please find primary and excess insurance company documents in connection with the May 8, 2012 renewal of your collection/fine arts program. Also attached are invoices representing the annual premiums totaling $806,000 plus $1,995 taxes and fees on Lloyds business. Insurance Is provided against the usual "all risks' terms and conditions with the territorial limits anywhere in the world'. The basis of valuation In the event of a claim is your inventory/appraisal amounts or current market value at the time of loss whichever the higher. The total amount of insurance is $1,350,000,000 to cover the exposure at 760 Park Avenue, New York. I attach herewith a synopsis of the placement. Please review the Named Insureds and advise if they are correct Also, Bank of America, N.A. is listed as a loss payee. Copies of the primary and some excess renewal endorsements have been forwarded to the Bank per the attached. I trust all will be found in order and look forward to discussing this matter with you. Jeffrey A. H JAH:vnm Encl. 'There is a maximum of $300,000,000 worldwide coverage which would include transits and that part of • the collection located at your homes in Bedford and Southampton, New York. Together we'll go far EFTA01127359 WELLS FAEUO June 19, 2012 Mr. Leon D. Black Apollo Management LP 9 West 5701 Street, 43in Floor New York, NY 10019 RE: The Black Collection Fine Arts Insurance Dear Leon: Walla Fargo InsunteceServfees USA Ine. 330 Madiaon Avenue 7th Floor New York, NY 10017-5001 Tel: 212 682 7500 Fax: 212 6821053 wfis wellsfargo.com In accordance with our discussions, I placed an additional $250,000,000 of insurance for 760 Park Avenue, New York, NY where the majority of the collection is located. The overall amount is now $1,600,000,000 to cover In the event of a catastrophe. This was accomplished with the placement of several new layers involving Aspen, Lloyds and AXIS insurers. Enclosed please find the three new policies together with invoices representing the annual premiums for coverage through May 6, 2013. I trust all will be found in order and remain with kindest regards JAH:vnm Encl. ber Dd g.,kca v 4 ( a)/ eit) Together we'll go far EFTA01127360 • • r 1.3f pik le to WELLS 1'AUG0 December 21, 2012 Mr. Leon D. Black Apollo Management LP 9 West 57" Street, 43td Floor New York, NY 10019 RE: The Leon and Debra Black Collection Including Various Trusts, etal Fine Arts Insurance Dear Leon: Wolfs Fargo Insurance Services USA, Inc. 330 Madison Avenue 7th Floor New York, NY 10017 Business: 2126627500 Fnx: 212 6821043 wwwwasforgo.congwha This letter will confirm that the amount of insurance covering the Collection is $1,600,000,000 written on a primary and excess basis for the period May 8, 2012 to May 8, 2013. I trust the above will be found in order and remain with kindest regards. Seiner*, Jeffrey A. Haber JAH:vnm G AotaPIGia Look fitinGtint Atu4).thylinxiG!01:..n Together we'll go far EFTA01127361 WELTS F'A1{GO INSU12ANCN April 8, 2013 Mr. Leon D. Black Apollo Management LP 9 West 57th Street, 43id Floor New York, NY 10019 RE: The Black Collection Including Various Trusts, etal Fine Arts Insurance Dear Leon: Wells Fargo Insurance Servkes USA, Inc. 330 Madison Avenue Th Floor New Yotk, NY 1001'/5001 Tel: Z12 6027500 Fax: 212 6621043 wfis.wellsrargo.com The primary and excess fine ads policies covering the Leon and Debra Black Collection are expiring on May 8, 2013 and we are in the process of renewing the coverage. Last year, the total amount of insurance was Increased to $1,600,000,000. Insurance Is provided against the usual 'all risks" terms and conditions with the territorial limits anywhere in the world. The basis of valuation In the event of a claim is your Inventory/appraisal amounts or current market value at the time of loss whichever the higher. The total amount of insurance is $1,600,000,000 to cover the exposure at 760 Park Avenue, New York. Your homes In Bedford, NY and Southampton, NY are included'. Please review the Named Insureds and advise if they are correct. Also, Bank of America, N.A. is listed as a loss payee. I look forward to discussing this matter with you and remain JAH:vnm End. *There is a maximum of $300,000,000 worldwide coverage which would include transits and that part of the collection located at your homes in Bedford and Southampton, New York Together we'll go far IONsiact Lela & EFTA01127362 ENDORSEMENT Date: May 1, 2012 Endorsement Effective as of Anniversary Date: May 8. 2012 Attached to and Forming Part of Policy No: Issued by: it SpeclaJtv Insurance Company For the Account of: Leon Black and Debra Black. etal It is understood and agreed that the NAMED INSUREDS are hereby amended to read as follows: Leon Black and Debra Black and/or Pent Holdings, Inc. and/or Narrows Holdings, LLC and/or Black Family 1997 Trust (Debra Black, John Hannan, Anthony Ressler, Barry Cohen, Trustees) and/of Leon D. Black Investment Trust A (Leon Black and John Hannan, Trustees) and/or Benjamin Eli Black Trust, Joshua Max Black Trust, Alexander Samuel Black Trust and Victoria Rachel Black Trust between U/A/D November 30, 1992 between Leon Black, as settlor and Debra Black, Barry Cohen and John Hannan, as trustees and/or Benjamin Eli Black Trust, Joshua Max Black Trust, Alexander Samuel Black Trust and Victoria Rachel Black Trust between U/A/D August 1, 1988 between Leon Black, as settler and Barry Cohen, as trustees, A.I.MA. All other terms and conditions remain unchanged. In Witness Whereof, the Company has caused this endorsement to be signed by a duly authorized representative of the Company. WELLS FARGO Wells Fargo Insurance Services USA, Inc. 7 EFTA01127363 ART INSURANCE PREMIUMS Per Jeffrey Haber, insurance purchased every year is not bought on the based of most recent appraisal or historical call but on Leon's estimate of the current value which he interpolates from the most recent appraisal and his market knowledge. Every May Leon indicates to Jeffrey how much insurance he wants to purchase. I prorate the bill between Leon & Debra and the various Trusts by applying the cost per million of the annual insurance to the estimated value of the works held by the trusts. Annually, the trusts reimburse Leon for their share of the insurance based on that calculation. EFTA01127364 2009 Art Insurance Premiums due from 1992 and 1988 Trusts t Leon Black as Reimbursement for Premiums paid: Total Due Due from each Trust Mist Work Appraised Value 4/24/09 fraction owned annual premium Interest* 4/09.4/10 1988 Trusts Georges Seurat Le Chien Noir $ 2,000,000 0.5 $ 480 $ 4 484 120.91 Antoine Watteau Study of a Seated Woman $ 1,600,000 1 $ 768 6 774 193.46 $ 1,248 $ 9 1,257 314.37 1992 Trusts George Seurat Le Chien Noir $ 2,000,000 0.5 $ 480 $ 4 $ 484 120.91 William Blake Parable of the Wise $ 3,200,000 1 $ 1,536 $ 12 $ 1,548 386.92 Paul Gauguin Femme Tahitienne $ 2,750,000 1 $ 1,320 $ 10 1,330.03 332.51 Alexander Calder Portrait of Ferdinand Leger $ 2,500,000 1 $ 1,200 $ 9 1,209.12 302.28 Pablo Picasso Jeune Homme et cheval $ 3,000,000 1 $ 1,440 $ 11 $ 1,451 362.74 Egon Schiele River Landscape w/two trees $ 25,000,000 1 $ 12,000 $ 91 $ 12,091 3,022.80 Georges Seurat Audivan Japonais $ 6,500,000 1 $ 3,120 $ 24 3,143.71 785.93 Piet Mondrian Church at Domberg $ 1,500,000 720 $ 5 725.47 181.37 $ 48,050,000 21,816 $ 166 21,981.80 5,495.45 Interest calculated at .76% total premium paid by LDB = $478,500 + 1,995 taxes and fees = $480,495 premium = $480 per $1mil appraised value EFTA01127365 2010 Art Insurance Premiums due from 1992 and 1988 Trusts to Leon Black as Reimbursement for Premiums paid: Artist Work Appraised Value 4/24/09 fraction annual owned premium Due from each Trust 1988 Trusts Georges Seurat Le Chien Noir $ 2,000,000 0.5 $ 480 120.00 Antoine Watteau Study of a Seated Woman $ 1,600,000 1 $ 768 192.00 $ 1,248 312.00 1992 Trusts George Seurat Le Chien Noir $ 2,000,000 0.5 $ 480 120.00 William Blake Parable of the Wise $ 3,200,000 1 $ 1,536 384.00 Paul Gauguin Femme Tahitienne $ 2,750,000 1 $ 1,320 330.00 Alexander Calder Portrait of Ferdinand Leger $ 2,500,000 1 $ 1,200 300.00 Pablo Picasso Jeune Homme et cheval $ 3,000,000 1 $ 1,440 360.00 Egon Schiele River Landscape vie/two trees $ 25,000,000 1 $ 12,000 3,000.00 Georges Seurat Audivan Japonais $ 6,500,000 1 $ 3,120 780.00 Piet Mondrian Church at Domberg $ 1 500 000 $ 720 180.00 $ 48,050,000 $ 21,816 5,454.00 total premium paid by LDB = $478,500 + 1,995 taxes and fees = $480,495 premium = $480 per Simi' appraised value EFTA01127366 2011 Art Insurance Premiums due from Artist Work o Leon Black as Reimbursement for Premiums paid: Appraised fraction annual Value 11/30/11 owned premium Antoine Watteau Study of a Seated Woman $ 1,000,000 1 $ 450 George Seurat Le Chien Noir $ 1,750,000 1 788 William Blake Parable of the Wise 2 500 000 1 $ 1,125 Paul Gauguin Femme Tahitienne $ 2,500,000 1 $ 1,125 Alexander Calder Portrait of Ferdinand Leger $ 2,500,000 1 $ 1,125 Pablo Picasso Jeune Homme et cheval $ 2,500,000 1 $ 1,125 Egon Schiele River Landscape w/two trees $ 25,000,000 1 $ 11,250 Georges Seurat Audivan Japonais $ 6,500,000 1 $ 2,925 Piet Mondrian Church at Domberg $ 2,500,000 1 $ 1,125 $ 46,750,000 $ 21,038 total premium paid by LDB = $606,000 + 1,995 taxes and fees = $607,995 for $1.35bil coverage premium = $450 per Simi' appraised value EFTA01127367 2012 Art Insurance Premiums due from Artist Work o Leon Black as Reimbursement for Premiums oaid: Appraised Value 11/30/11 fraction annual owned premium Antoine Watteau Study of a Seated Woman $ 1,000,000 1 $ 450 George Seurat Le Chien Noir $ 1,750,000 1 $ 788 William Blake Parable of the Wise $ 2,500,000 1 $ 1,125 Paul Gauguin Femme Tahitienne $ 2,500,000 1 $ 1,125 Alexander Calder Portrait of Ferdinand Leger $ 2.500,000 1 $ 1,125 Pablo Picasso Jeune Homme et cheval $ 2,500,000 1 $ 1.125 Egon Schiele River Landscape w/two trees $ 25,000,000 1 $ 11,250 Georges Seurat Audivan Japonais $ 6,500,000 1 $ 2,925 Piet Mondrian Church at Domberg $ 2,500,000 1 $ 1.125 $ 46,750,000 $ 21,038 total premium paid by LDB = $606,000 + 1,995 taxes and fees = $607,995 for $1.35bi1 coverage premium = $450 per $1mil appraised value Coverage subsequently increased to $1.6bil due to addl acquisitions made in 2012. EFTA01127368