<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Saturday, February 20, 2016 12:27 AM</td></tr><tr><td>To:</td><td>Melanie Spinella; Brad Wechsler</td></tr><tr><td>Subject:</td><td>Fwd: Empire report</td></tr></table>

sorry boys , this is not atypical. . thi= morning first thing , fully cognizant of your concerns . all = did was ask for the tra valuation report. . 1 th=n i had to ask again, 2 when received and after review I reali=ed it was the wrong one. ie five months old. . 3.=asked for more recent. - received but only an incomplete=table. . asked for more. got unrelatted tables. .=4. then asked for the full tra valuation. . =received only a few pages. . then only after 5pm r=ceived the entire black family partner 107 page valuation. . with a =ote that said numbers not reviewed. dec 3 value..=. and then to top it off recieved the statement below ,=which not uncommon is wrong. • being suspiciousg=pan> of anything i get from rich , i checked with rowentra valuation until i sent it to =im, he didnt even know one existed. these n=mbers need to be checked with the cos balance sheet filing ref the t=a, . at a minimum. it also makes no mention of the potential =ermination calculation at a defined rate. but more=importantly an entire day . a great deal of time , back and forth , =nd this is only for a simple request of a doc in the file.

Forwarded message
From: Richard Joslin
Date: Fri, Feb 19, 2016 at 6:05 PM
Subject: RE: Empire report

To: J=ffrey Epstein <jeevacation@gmail.com <http://gmail.com> >
Cc: Brad Wechsler <  >

One point of reference= Empire has been hired by various other Apollo executives and Founde=s. In past when I have questioned them the Empire team for the Black =99s/ Apollo have brought their senior people to weigh their assumptions and conclusions and updated information. My =nderstanding is that they use the same methodology for all Founders for wh=m they provide valuations

</=pan>

From: Richard Joslin
Sent: Friday, February 19, 2016 5:51 PM
To: 'Jeffrey Epstein' <ieevacation@gmail.com <mailto:ieevacation@gmai=.com> >
Cc: Brad Wechsler <>
Subject: Empire report

This is draft report =E2 has not been reviewed nor are amounts final.=/p>

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