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and median marketability discounts were 33.0% and that nearly 60.0% of the discounts were at or greater than 30.0%. • Moroney Snide. In his study, Moroney reviewed the prices paid for restricted stocks by ten registered investment companies. The average and median marketability discounts indicated by h

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

and median marketability discounts were 33.0% and that nearly 60.0% of the discounts were at or greater than 30.0%. • Moroney Snide. In his study, Moroney reviewed the prices paid for restricted stocks by ten registered investment companies. The average and median marketability discounts indicated by h

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

and median marketability discounts were 33.0% and that nearly 60.0% of the discounts were at or greater than 30.0%. • Moroney Snide. In his study, Moroney reviewed the prices paid for restricted stocks by ten registered investment companies. The average and median marketability discounts indicated by h

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