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. Baird & Company, John Emory measured the differences in prices of private and public transactions of companies' stock from 1980 through 2000. The Emory studies compared the prices of stock transactions occurring within flue months prior to an IPO to the subsequent LEO price. Emory noted that the di
f the Company as well as an analysis of future growth expectations in our estimation of the Company's cost of equity financing. The SSp was based on Morningstar's Stocks, Bonds, Bills, CONFIDENTIAL I WTAS LLC 27 EFTA00307422 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of Julie 2o, 2011 and Inflation Valu
. Baird & Company, John Emory measured the differences in prices of private and public transactions of companies' stock from 1980 through 2000. The Emory studies compared the prices of stock transactions occurring within flue months prior to an IPO to the subsequent LEO price. Emory noted that the di
f the Company as well as an analysis of future growth expectations in our estimation of the Company's cost of equity financing. The SSp was based on Morningstar's Stocks, Bonds, Bills, CONFIDENTIAL I WTAS LLC 27 EFTA00307321 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of Julie 2o, 2011 and Inflation Valu
. Baird & Company, John Emory measured the differences in prices of private and public transactions of companies' stock from 1980 through 2000. The Emory studies compared the prices of stock transactions occurring within flue months prior to an IPO to the subsequent LEO price. Emory noted that the di
f the Company as well as an analysis of future growth expectations in our estimation of the Company's cost of equity financing. The SSp was based on Morningstar's Stocks, Bonds, Bills, CONFIDENTIAL I WTAS LLC 27 EFTA00307220 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of Julie 2o, 2011 and Inflation Valu
Entities connected to both Emory and Morningstar's Stocks

George W. Bush
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Eric Trump
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Palantir
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Michael Jackson
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Scarlett Johansson
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Federal Reserve
ORGANIZATIONDoug Band
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Joi Ito
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Armstrong
PERSONDesoto
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McGraw-Hill
ORGANIZATIONJulie
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Hardiman
PERSONTatum
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Anita
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the Board of Directors
ORGANIZATIONHewlett-Packard Company
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England
LOCATION
the Internal Revenue Service
ORGANIZATION