Epstein Secrets

.62 1.71 NA NN 196.1 11311 51013 510.6 (11391 13.11 et» 0331 lab il laTii 13541 Ot01 22595 3.5 DU 23.7 41501 O.% I17.1) (1611 Laine 91.4711.1 11374.2 51.761.1 51./C0.9 6123 5200 5010 6431 4436 1151.2 I.101.1 1.175.5 1145 oto 104 5730 1959 149.7 55/6 (433.1 134

Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Restricted Stock Discounts, 1991-95," Shannon Pratt's Business Valuation Update, March 1999, pp. 1.3. CONFIDENTIAL I WTAS LIC 95 EFTA00307490 APPENDIX 3 Appraisers' Qualifications ALIPHCOM — COMMON EQUITY VALUATION As o

.62 1.71 NA NN 196.1 11311 51013 510.6 (11391 13.11 et» 0331 lab il laTii 13541 Ot01 22595 3.5 DU 23.7 41501 O.% I17.1) (1611 Laine 91.4711.1 11374.2 51.761.1 51./C0.9 6123 5200 5010 6431 4436 1151.2 I.101.1 1.175.5 1145 oto 104 5730 1959 149.7 55/6 (433.1 134

Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Restricted Stock Discounts, 1991-95," Shannon Pratt's Business Valuation Update, March 1999, pp. 1.3. CONFIDENTIAL I WTAS LIC 95 EFTA00307389 APPENDIX 3 Appraisers' Qualifications ALIPHCOM — COMMON EQUITY VALUATION As o

.62 1.71 NA NN 196.1 11311 51013 510.6 (11391 13.11 et» 0331 lab il laTii 13541 Ot01 22595 3.5 DU 23.7 41501 O.% I17.1) (1611 Laine 91.4711.1 11374.2 51.761.1 51./C0.9 6123 5200 5010 6431 4436 1151.2 I.101.1 1.175.5 1145 oto 104 5730 1959 149.7 55/6 (433.1 134

Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Restricted Stock Discounts, 1991-95," Shannon Pratt's Business Valuation Update, March 1999, pp. 1.3. CONFIDENTIAL I WTAS LIC 95 EFTA00307288 APPENDIX 3 Appraisers' Qualifications ALIPHCOM — COMMON EQUITY VALUATION As o