<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Thursday, May 5, 2016 10:53 PM</td></tr><tr><td>To:</td><td>Richard Joslin</td></tr><tr><td>Subject:</td><td>Re: Re:</td></tr></table>

there is another chart somewhat similar. =. does the 2billlion whole number show as the value of apo. =AO there is not a discoount . how is 2 billion arr=ved at.

wrote:

Two files

1) Empire Gross Asset Value t= net discounted value from 2013 to 2015 for selected valuations<=u>

2) the change over time (lower) of =mpire's trading restriction discount on APO stock (sent Nov 2015)<=>

From: Brad Wechsler
Sent: Thursday, May 05, 2016 2:46 PM
To: '=eevacation@gmail.com <mailto:jeevacation@gmail.com> ' <jeevacation@gmail.com
<mailto:jeevacation@gmail.com> >
Subject: Re:

Ok

From: jeffrey E. [mailto:jeevacation@gmail.com <mailto:je=vacation@gmail.com> ]
Sent: Thursday, May 05, 2016 02:27 PM
To: Brad Wechsler
Subject: Re:

its says grat discount 36 %.=C2 . next quarter 34.4% or something close.

On Thu, May 5, 2016 at 2:20 PM, Brad Wechsler

He's looking thru his emails and =ther materials and will forward but he seemed unclear...

ask jolsin for the chart that shows =AO grat discount at 36 point something percent. , =hen later at 35 .something , it is a hard copy in my office in=new york

please no=e

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constitute inside information, and is intended only for the use of the addressee. It is the property of JEE

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## IMPORTANT NOTICE******************************************************************

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please =ote

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