<table><tr><th>From:</th><th>Richard Joslin</th></tr><tr><td>Sent:</td><td>Saturday, October 31, 2015 4:03 AM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Cc:</td><td>Brad Wechsler</td></tr><tr><td>Subject:</td><td>GRAT projection</td></tr><tr><td>Attachments:</td><td>SUMMARY GRAT PROJECTION 10302015.pdf</td></tr></table>

Please call me with an= questions. I formatted to print on legal. I have short cover =emo that summarizes assumptions. I will review over weekend so pleas= consider as draft. Reminder that Empire values BFP LP with 30%+ discount.