From: Halperin, Alan S Sent: Sunday, May 1, 2016 2:44 PM To: jeffrey E. Subject: Re: The Empire Valuation reflects both internal and external valuation discount=. The internal discounts, as you know, reflect discounts to deal with the =ack of marketability, with respect to the underlying assets. The external =iscount relates to the BFP wrap. Alan S. Halperin I Partner Paul, Weiss, Rifkind, Wharton & Garrison =LP 1285 Avenue of the Americas I New York,&=bsp;NY 10019-6064 www.paulweiss.com From: jeffrey E. Sent: Sunday, May 1, 2016 10:40 AM To: Halperin, Alan Subject: Re: joslin On Sun, May 1, 2016 at 10:37 AM, Halperin, Alan wrote: Who is he? Alan S. Halperin I Partner Paul, Weiss, Rifkind, Wharton & Garrison =LP 1285 Avenue of the Americas I New York,&=bsp;NY 10019-6064 4=1. I www.paulweiss.com <http://www.paulweiss.com> From: jeffrey E. Sent: Sunday, May 1, 2016 10:33 AM To: Halperin, Alan Subject: what discount is he referring to ? please note The information contained in this communication is confidential, may be attorney-client privileged, may EFTA_R1_02079947 EFTA02703337