Epstein Secrets

397 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al

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

296 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al

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

195 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al

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