Epstein Secrets

ess than the low end of the range from the studies. 350 Fifth Avenue, Suite 6115, New York, NY 10118 Tel: (212) 714-0122 empireval.com New York Rochester Boston West Hartford EFTA00619442 PRIVILEGED - ATTORNEY WORK PRODUCT - DRAFT Alan Halperin, Esq. May 10, 2016 Page 2 Empire selected 15% as

ility discount at a level of 15%, well below the low end of the range of the sources cited, as upper end guides, in the Empire reports. Sincerely, Scott A. Nammacher, ASA, CFA Managing Director EFTA00619444

stributed to a withdrawing partner, are subject to 350 Fifth Avenue. Suite 6115. New York. NY 10118 Tel: (212) 714.0122 empirevaLcom Ncw York • Rochester Boston West Hartford EFTA_R1_02076111 EFTA02702706 PRIVILEGED - ATTORNEY WORK PRODUCT - DRAFT Alan Halperin, Esq. April 27, 2016 Page 2 val

tability discounts applicable to the interests in BFP that were at the low end of the range of the sources cited in the Empire reports. Sincerely, Scott A. Nammacher, ASA, CFA Managing Director Privileged EFTA_R1_02076112 EFTA02702707

ted partnership interest in Black Family Partners, LP is reasonably stated as $780,000,000 as of December 4, 2013. 777 Canal View Blvd., Suite 200, Rochester, NY 14623 Tel: (585) 475-9260 empireval.com Ncw York • Cleveland • Rochester • West Hartford EFTA_R1_01942572 EFTA02671576 EXHIBIT 0 CA

conclusion that there would be no changes or adjustments to any of the valuation adjustments applied in the Empire Report, for a 5.0143% interest. Scott A. Nammacher, ASA, CFA Managing Director Payment In Kind. To be clear, the PIK is a limited partnership interest in BFP. EFTA_R1_01942583 EFTA02671587 Confi