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