Epstein Secrets

are to be distributed 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, 201

udy as guidance for selecting an applicable lack of control and marketability discount. While these items are referenced separately in our report, Empire determined that it was reasonable to select a combined lack of control and marketability discount that was below a combined level of the low end of

Consultants, LLC ("Empire") provide a response to the IRS's request for an explanation of the lack of control and marketability discount applied in Empire's valuations of: (1) a 37.75% interest in Black Family Partners, LP ("BFP") as of October 25, 2013; and (2) a 34.53% interest in BFP as of December

areas. Regarding the latter, please feel free to sontact Mr. Gerald Fischer, Santis Vice President for Corporate Devehopment at Pepsico, Purchase, Ndw York (914-253-3035). He and several otbbr Inter- lochen trustees have been testing the waters for a New York- based development effort. I know he'll appre

E. Epstein Penthouse F 265 East 66th Street New York, NY 10021 Dear Jeff: Thank you for your contribution of $3,000 toward the reception at the Empire Hotel- that-4 preceded the Academy orchestra and choir performance at Alice Tully Hall February 6. Much of our success comes from the strong and f

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 CALCULATION OF NET ASSET VALUE BLACK FAMILY PARTNERS, LP

is summary letter will be used by you and the Client for estate planning purposes related to a GRAT annuity payment. To estimate the PIK Interest, Empire relied on the valuation report dated August 21, 2015, with an effective date of June 3, 2015 (the "Empire Report"). By reference, the Empire Report