Epstein Secrets

d 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 the combined discount (

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

drawing 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 valuation by a qualified a

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

this engagement. 350 Fifth Avenue, Suite 6115, New York, NY 10118 New York • Rochester Boston • Cleveland Tel: (212) 714-0122 empirevateoin West Hartford EFTA_R1_01942580 EFTA02671584 EXHIBIT D CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP AS OF DECEMBER 3. 2014 SUP POR Tool Exesa

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