Epstein Secrets

230 Requirements) CONFIDENTIAL I WTAS LLC EFTA00307397 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

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu

230 Requirements) CONFIDENTIAL I WTAS LLC EFTA00307296 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

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu

230 Requirements) CONFIDENTIAL I WTAS LLC EFTA00307195 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

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu