From: Richard Joslin

From: Richard Joslin To: jeffrey E. <[email protected]> CC: Brad Wechsler < >, John Castrucci Subject: RE: Date: Mon, 02 Nov 2015 18:12:50 +0000 Attachments: extracts_of empire_reports_-_grat_2.pdf; GRAT 2_ANALYSIS.pdf Please see attached two files regarding GRAT 2 Note that Empire discounts the value of APO stock due to lockup restrictions — you can see that the restriction discount has decreased from 27% at GRAT outset to approximately 15% presently. FO has not signed off on recent Empire valuations for 2015 (in review). 9/3/15 value assumed same for 12/3/2015 value From: jeffrey E. [[email protected]) Sent: Monday, November 02, 2015 8:17 AM To: Richard Joslin • 1: M> Subject: Please detail for me valuations at each step for the successful grat initial value 780m please note 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 jeevacation®gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00841714