From: Jeffrey Epstein <jeevacationggmail.com>

From: Jeffrey Epstein <jeevacationggmail.com> To: Melanie Spinella Subject: Fwd: Appropriate discount Date: Thu, 15 Aug 2013 01:15:41 +0000 Forwarded message From: Alan S Halperin Date: Wed, Aug 14, 2013 at 3:49 PM Subject: Re: Appropriate discount To: Jeffrey Epstein <jeevacation igmail.com> I am happy to discuss. But I don't agree for several reasons, including: 1. Empire needs to be consistent with other valuations, including those involving the funding of GRATs (where we have taken discounts). 2. With the recent run up in the value, Leon will be concerned that the note will be unmanageable. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Click Here for More Information Alan S. Halperin I Partner • From: "Jeffrey Epstein" 4eevacationRomail.com> To: Alan S Halperin/PaufWeiss PaulWeiss Cc: 'Eileen Alexanderson" Dale: 08/1412013 05:26 PM Subject: Re: Appropriate discount . -Ada Clapp" Jessica SoojianlPaulWeiss©PAULWEISS Lets talk Tomonv too high On Wednesday, August 14, 2013, Alan S Halperin wrote: EFTA00967080 Thanks. I am not surprised. The lock up and block likely would give rise to a significant discount if sold to a third party. IRS Circular 230 disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. Click Here for More Information Alan S. Halperin I Partner Paul, Weiss. Rifkind, Wharton S Garrison LLP 1285 Avenue of the Americas I New York. NY 10019-6064 1212) 373-3313 (Direct Phone) I (212)492-0313 (Direct Fax) From: 'Eileen Alexanderson' To: Man S Halperin/PauPA'eiss@PaulWeiss. "Jeffrey Epstein'" <jeevz ion tem com>. "Ada Clapp" Jessica SoojianfPaufWeiss@PAULWEISS Date: 08/1412013 05:14 PM Subject: Appropriate discount As you will see on the attached, collective discount on Dec 2012 draft report was 33% consisting of 20% discount off then current mkt values + 15% discount for lack of control and marketability. Original Message From: NY_730_11_XRX_COPYROOM [mailto: Sent: Wednesday, August 14, 2013 4:53 PM To: Eileen Alexanderson Subject: Scan from a Xerox Color Please open the attached document. It was scanned and sent to you using a Xerox Color. Number of Images: 1 Attachment File Type: PDF Device Name: NY 730 11 XRX COPYROOM _ Device Location: For more information on Xerox products and solutions, please visit This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this information by persons or entities other than the intended recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. EFTA00967081 Apollo Global Management, LLC This message is intended only for the use of the Addressee and may contain information that is privileged and confidential. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please erase all copies of the message and its attachments and notify us immediately. 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 Jeffrey Epstein 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] and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This message is intended only for the use of the Addressee and may contain information that is privileged and confidential. If you are not the intended recipient, you are hereby notified that any dissemination of this communication is strictly prohibited. If you have received this communication in error, please erase all copies of the message and its attachments and notify us immediately. 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 Jeffrey Epstein 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], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00967082