Epstein Secrets

WTAS VALUATION SERVICES GROUP AliphCom Common Equity Valuation as of June 20, 2011 CONFIDENTIAL EFTA00307294 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 2o, 2011 Table of Contents Transmittal Letter Definition of Value Scope of Engagement Conclusion S

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1

WTAS VALUATION SERVICES GROUP AliphCom Common Equity Valuation as of June 20, 2011 CONFIDENTIAL EFTA00307193 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 2o, 2011 Table of Contents Transmittal Letter Definition of Value Scope of Engagement Conclusion S

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1

WTAS VALUATION SERVICES GROUP AliphCom Common Equity Valuation as of June 20, 2011 CONFIDENTIAL EFTA00307395 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 2o, 2011 Table of Contents Transmittal Letter Definition of Value Scope of Engagement Conclusion S

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1