Empire State Building Associates L.L.C
                          Yearly income per $10,000 participation unit

No vote to Reit, Status Quo

No Vote to Reit & ESBA  
purchases Helmsley interests

2013
2014

2015
2016

$14,683  
$18,673  

$21,106 
$22,520 

$21,600
$29,112

$34,264
 $37,178  

 



Disclaimer and Limitation
The numbers in these tables are identical to or derived from the numbers reported in the Registration Statement or related exhibits filed with the SEC.  These numbers are often described in those documents as merely "illustrative" or "hypothetical", even though the appraiser, Duff & Phelps, relied on them in order to give its opinion of the appraised value of the various properties and, from those values, the proper exchange values.  Duff & Phelps also used these numbers as the basis for rendering its Fairness Opinion.  Therefore, the extrapolation of those numbers in these tables to ascertain possible cash distributions at future dates must be similarly regarded as  merely “illustrative” or “hypothetical” and can be no more definitive or reliable than the Duff & Phelps appraisals, the exchange values which it calculated and which are used in the Registration Statement and the Duff & Phelps Fairness Opinion, as reported in the Registration Statement.  In effect, they are only an extension of the “illustration” provided by Malkin Holdings to the SEC and no one should rely on them as accurate predictions of what will actually be distributed.  The actual amount distributed will also depend on many other factors beyond anyone’s ability to predict.  Perhaps most important of those other factors will be the discretionary actions of the Malkins with respect to distributing any cash that might be available for such purpose. For example, if the Malkins decide to use the cash to finance the acquisition of other properties, it will not be distributed to the investors.