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