Epstein Secrets

tners, LP ("BFP" or the "Partnership") as of December 4, 2013 (the "Valuation Date"). It is our understanding that this report will be used by Mr. Leon Black for estate planning purposes. This report is an Appraisal Report as defined in Standards Rule 10 of The Appraisal Foundation's Uniform Standards

limited partnership interest (the "Interest") in Black Family Partners, LP ("BFP" or the "Partnership")

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

Empire's valuations of: (1) a 37.75% interest in Black Family Partners, LP ("BFP") as of October 25, 201

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

Empire's valuations of: (1) a 37.75% interest in Black Family Partners, LP ("BFP") as of October 25, 20

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