<table><tr><th>From:</th><th>Halperin, Alan S</th></tr><tr><td>Sent:</td><td>Sunday, May 1, 2016 2:44 PM</td></tr><tr><td>To:</td><td>jeffrey E.</td></tr><tr><td>Subject:</td><td>Re:</td></tr></table>

The Empire Valuation reflects both internal and external valuation discount=. The internal discounts, as you know, reflect discounts to deal with the =ack of marketability, with respect to the underlying assets. The external =iscount relates to the BFP wrap.

Alan S. Halperin I Partner

Paul, Weiss, Rifkind, Wharton & Garrison =LP

1285 Avenue of the Americas | New York,&=bsn:NY 10019-6064

www.paulweiss.com

From: jeffrey E.
Sent: Sunday, May 1, 2016 10:40 AM
To: Halperin, Alan S
Subject: Re:

joslin

On Sun, May 1, 2016 at 10:37 AM, Halperin, Alan = <ahalperin@=aulweiss.com <mailto:ahalperin@paulweiss.com» wrote:

Who is he?

Alan S. Halperin I Partner Paul, Weiss, Rifkind, Wharton & Garrison =LP 1285 Avenue of the Americas | New York &=bs -NY 10019-6064

www.paulweiss.com

<http://www.paulweiss.com>
From: jeffrey E.
Sent: Sunday, May 1, 2016 10:33 AM
To: Halperin, Alan S
Subject:

what discount is he referring to ?

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