ard Joslin Sent: Friday, February 19, 2016 11:05 PM To: Jeffrey Epstein Cc: Brad Wechsler Subject: RE: Empire report One point of reference= Empire has been hired by various other Apollo executives and Founde=s. In past when I have questioned them the Empire team for the Black'=s/ Apollo have br

mpire report One point of reference= Empire has been hired by various other Apollo executives and Founde=s. In past when I have questioned them the Empire team for the Black'=s/ Apollo have brought their senior people to weigh their assumptions and conclusions and updated information. My =nderstanding

for each valuation, we are providing a single response that is applicable in both cases. We understand the IRS is seeking an explanation as to why Empire selected a lower, combined, lack of control and marketability discount of 15% rather than a higher one. Empire did consider, as a starting point i

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

2011 LLC ; jeffrey =. To give you an another update - Scott and David were brought up to speed on=Phaidon and since then the plan worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandw

an worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandwith to assign two to=ms to our account. The accounting group is gathering documentation and p=rforming its valuation preliminarie

an worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandwith to assign two to=ms to our account. The accounting group is gathering documentation and p=rforming its valuation preliminarie

2011 LLC ; jeffrey =. To give you an another update - Scott and David were brought up to speed on=Phaidon and since then the plan worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandw

s — you can see that the restriction discount has decreased from 27% at GRAT outset to approximately 15% presently. FO has not signed off on recent Empire valuations for 2015 (in review). 9/3/15 value assumed same for 12/3/2015 value From: jeffrey E. [mailto:[email protected]] Sent: Monday, Novemb

Subject: RE: Attachments: extracts of empire reports - grat 2.pdf; GRAT 2 ANALYSIS.pdf Please see attached two files regarding GRAT 2 Note that Empire discounts the value of APO stock due to lockup restrictions — you can see that the restriction discount has decreased from 27% at GRAT outset to app

an worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandwith to assign two to=ms to our account. The accounting group is gathering documentation and p=rforming its valuation preliminarie

DB 2011 LLC jeffrey =. To give you an another update - Scott and David were brought up to speed on=Phaidon and since then the plan worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandw

To give you an another update - Scott and David were brought up to speed on Phaidon and since then the plan worked out with Empire was to have the Empire appraisal team work to finalize the half dozen valuations for BFP before starting on LDB 2011 LLC. Empire does not have bandwith to assign two teams

bject: RE: LDB 2011 LLC To give you an another update - Scott and David were brought up to speed on Phaidon and since then the plan worked out with Empire was to have the Empire appraisal team work to finalize the half dozen valuations for BFP before starting on LDB 2011 LLC. Empire does not have bandw

om Paul Weiss in calculating the GRAT gifts. The final Empire appraisal numbers did not change from the April estimates. I gave him copies of final Empire appraisals, signed GRATS earlier this week. From: jeffrey E. [mailto:[email protected] Sent: Wednesday, September 24, 2014 12:50 AM To: Thom

BFP LP was not finalized until late June. Tom had estimated numbers from April (extension) from Paul Weiss in calculating the GRAT gifts. The final Empire appraisal numbers did not change from the April estimates. I gave him copies of final Empire appraisals, signed GRATS earlier this week. From: jeff

an worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandwith to assign two to=ms to our account. The accounting group is gathering documentation and p=rforming its valuation preliminarie

DB 2011 LLC jeffrey =. To give you an another update - Scott and David were brought up to speed on=Phaidon and since then the plan worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandw

rad Wechsler One point of reference= Empire has been hired by various other Apollo executives and Founde=s. In past when I have questioned them the Empire team for the Black =99s/ Apollo have brought their senior people to weigh their assumptions and conclusions and updated information. My =nderstandin

016 at 6:05 PM Subject: RE: Empire report To: l=ffrey Epstein <[email protected] <http://gmail.com» Cc: Brad Wechsler One point of reference= Empire has been hired by various other Apollo executives and Founde=s. In past when I have questioned them the Empire team for the Black =99s/ Apollo have

2011 LLC ; jeffrey =. To give you an another update - Scott and David were brought up to speed on=Phaidon and since then the plan worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandw

an worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandwith to assign two to=ms to our account. The accounting group is gathering documentation and p=rforming its valuation preliminarie

bject: RE: LDB 2011 LLC To give you an another update - Scott and David were brought up to speed on Phaidon and since then the plan worked out with Empire was to have the Empire appraisal team work to finalize the half dozen valuations for BFP before starting on LDB 2011 LLC. Empire does not have bandw

To give you an another update - Scott and David were brought up to speed on Phaidon and since then the plan worked out with Empire was to have the Empire appraisal team work to finalize the half dozen valuations for BFP before starting on LDB 2011 LLC. Empire does not have bandwith to assign two teams

handed out. I am double checking pledged (art loan) items. Priority this week is to review Empire revised 10/25/13 appraisal and 12/4/13 appraisal — Empire circulated updates late last week, This is priority in advance of June 3 2014 GRAT annuity payment Review today the BFP valuation model as part od

had a paper copy for our meeting last week which was no handed out. I am double checking pledged (art loan) items. Priority this week is to review Empire revised 10/25/13 appraisal and 12/4/13 appraisal — Empire circulated updates late last week, This is priority in advance of June 3 2014 GRAT annuity

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

fices in New York, NY, Rochester, NY, and West Hartford, CT, Empire is one of the largest independent valuation consulting firms in the Northeast. Empire's team of more than fifty (50) valuation professionals all hold advanced educational degrees in various areas of study, included finance, accounting

s leading trust & estate attorneys, accountants, and financial planning firms. With offices in New York, NY, Rochester, NY, and West Hartford, CT, Empire is one of the largest independent valuation consulting firms in the Northeast. Empire's team of more than fifty (50) valuation professionals all ho

y. We will bring hard copy as well. A) LDB/DRB only balance sheet B) Global Black family (entities, trusts, individuals)* C) TRA calculation (FO; Empire (draft)) Global family list: LDB AIF MANAGEMENT BJAV NARROWS ILIT #2 BFP LP APO 1 AGR LBF HOLD APO1 GRAT #1 APO1 GRAT #2 APO1 GRAT #3 B

rd University Hospital. Mall Ferguson — Prof History, Harvard. Author of The World's Banker: The History of the House of Rothschild, The Cash Nexus, Empire, Colossus, The War of the Word, The Ascent of Money, and others. Brad Garlinghouse — CEO, YouSendlt. Julius Genachowski — Chairman, Federal Commun

of Midtown Manhattan and is easily accessible by subway, bus, or car, steps away from Lord & Taylor on Fifth Avenue and a few minutes' walk from the Empire State Building . We are at 40 West 39th Street (between Fifth and Sixth Avenues) on the 3rd floor. When you arrive, please ring the buzzer marked R

Hi Leon, As you may recall, the first annuity payment from the APOI GRAT you created on October 25, 2013 will be paid to you tomorrow. Based upon Empire's rough estimate of the BFP interests you gifted to the APOI GRAT ($1 billion for a 37.75% interest), your first quarter annuity payment will be app

of Midtown Manhattan and is easily accessible by subway, bus, or car, steps away from Lord & Taylor on Fifth Avenue and a few minutes' walk from the Empire State Building . We are at 40 West 39th Street (between Fifth and Sixth Avenues) on the 3rd floor. When you arrive, please ring the buzzer marked R