EFTA02671598

From: jeffrey E. <[email protected]> Sent: Monday, November 2, 2015 6:32 PM To: Melanie Spinella; Alan S Halperin Subject: Fwd: Attachments: extracts of empire reports - grat 2.pdf; GRAT 2 ANALYSIS.pdf "77" Forwarde= message From: Richard Joslin<=b> <RJoslin@el=slIc.com <mailto:[email protected]» Date: Mon, Nov 2, 2015 at 1:12 PM Subject: R=: To: "jeffrey E." <j to:[email protected]=» Cc: Brad Wechsle ohn Castrucci «= href="mailt =br> Please see attached two files regardi=g GRAT 2 Note that Empire discounts the value =f APO stock due to lockup restrictions — you can see that the rest=iction discount has decreased from 27% at GRAT outset to approximately 15% presently. FO has not signed off on recent Empir= valuations for 2015 (in review). 9/3/15 value assumed same for 12/3/2015 =alue From: jeffrey E. [mailto:[email protected] Sent: Monday, N • To: Richard Josli Subject: Please detail for me valuations at each step for the=successful grat initial value 780m EFTA_R1_01942626 EFTA02671598 please no=e The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please note =he information contained in this communication is confidential, may be =ttorney-client privileged, may constitute inside information, and is in=ended only for the use of the addressee. It is the property of JEEUnauthorized use, disclosure or copying of this communication or any p=rt thereof is strictly prohibited and may be unlawful. If you have rece=ved this communication in error, please notify us immediately by ret=rn e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication an= all copies thereof, including all attachments. copyright -all rights r=served 2 EFTA_R1_01942627 EFTA02671599