From: jeffrey E. <jeevacation@gmail.com>
Sent: Sunday, May 1, 2016 3:31 PM
To: Halperin, Alan S
Subject: Re:

found the numbers in exhibit D

On Sun, May 1, 2016 at 10:43 AM, Ha=perin, Alan S >
wrote:

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

rom: jeffrey t.
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 = wrote:

Who is he?

Alan S. Halperin | Partner
Paul, Weiss, Rifkind, Wharton & Garrison LLP

<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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## please note

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