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the EIU, and Standard & Poor's Industry Surveys. CONFIDENTIAL I WTAS LLC 17 EFTA00307412 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of Julie so, 2011 HOUSING MARKET Since 2008, the subprime debt crisis has placed downward pressure on economic growth as significant losses from subprime l
estricted stocks of companies whose unrestricted shares are freely traded and (ii) studies of private transactions prior to initial public offerings el PO"). While both the restricted stock and pre-IPO studies have been used by appraisers to derive adjustments for lack of marketability, we believe tha
the EIU, and Standard & Poor's Industry Surveys. CONFIDENTIAL I WTAS LLC 17 EFTA00307311 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of Julie so, 2011 HOUSING MARKET Since 2008, the subprime debt crisis has placed downward pressure on economic growth as significant losses from subprime l
estricted stocks of companies whose unrestricted shares are freely traded and (ii) studies of private transactions prior to initial public offerings el PO"). While both the restricted stock and pre-IPO studies have been used by appraisers to derive adjustments for lack of marketability, we believe tha
the EIU, and Standard & Poor's Industry Surveys. CONFIDENTIAL I WTAS LLC 17 EFTA00307210 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of Julie so, 2011 HOUSING MARKET Since 2008, the subprime debt crisis has placed downward pressure on economic growth as significant losses from subprime l
estricted stocks of companies whose unrestricted shares are freely traded and (ii) studies of private transactions prior to initial public offerings el PO"). While both the restricted stock and pre-IPO studies have been used by appraisers to derive adjustments for lack of marketability, we believe tha
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