Epstein Secrets

penetration rates have reached relatively saturated levels. As a result, the focus of market growth has turned to emerging markets in regions within the Asia-Pacific, where low penetration rates and pent-up demand for network connectivity bode well for new subscriber acquisitions. According to Datamonitor, as of

Determination," The Value Examiner, July/August 2004, (iii) Estate of McCord, 120 T.C. No. 13, May 2003, and (iv) Bajaj, Denis, Ferris, and Sarin, "Finn Value and Marketability Discounts," 27 J. Corp. Law 89, Fall 2001. CONFIDENTIAL 1 WTAS LLC 71 EFTA00307466 WTAS ALIPHCOM - COMMON EQUITY VALUATION R

penetration rates have reached relatively saturated levels. As a result, the focus of market growth has turned to emerging markets in regions within the Asia-Pacific, where low penetration rates and pent-up demand for network connectivity bode well for new subscriber acquisitions. According to Datamonitor, as of

Determination," The Value Examiner, July/August 2004, (iii) Estate of McCord, 120 T.C. No. 13, May 2003, and (iv) Bajaj, Denis, Ferris, and Sarin, "Finn Value and Marketability Discounts," 27 J. Corp. Law 89, Fall 2001. CONFIDENTIAL 1 WTAS LLC 71 EFTA00307365 WTAS ALIPHCOM - COMMON EQUITY VALUATION R

penetration rates have reached relatively saturated levels. As a result, the focus of market growth has turned to emerging markets in regions within the Asia-Pacific, where low penetration rates and pent-up demand for network connectivity bode well for new subscriber acquisitions. According to Datamonitor, as of

Determination," The Value Examiner, July/August 2004, (iii) Estate of McCord, 120 T.C. No. 13, May 2003, and (iv) Bajaj, Denis, Ferris, and Sarin, "Finn Value and Marketability Discounts," 27 J. Corp. Law 89, Fall 2001. CONFIDENTIAL 1 WTAS LLC 71 EFTA00307264 WTAS ALIPHCOM - COMMON EQUITY VALUATION R