Epstein Secrets

7% 2012 124.8 89.7 10.3% 2013 138.9 99.9 11.3% 2014 155.3 111.7 11.8% CAGR: 2009-14 Source: Datamonitor 10.1% DATAMONITOR • Sources: Standard & Poor's Industry Surveys (n, the Datamonitor Group, and information provided by management. CONFIDENTIAL I WTAS LLC 13 EFTA00307408 WTAS ALIPHCOM - COMMON EQUITY VALU

o Companies with lower price stability exhibited higher discounts. o Companies with higher earnings stability exhibited lower discounts. IS From Milton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company," Journal of Taxation, June 1972, pp. 353-54. gcb From Rober

7% 2012 124.8 89.7 10.3% 2013 138.9 99.9 11.3% 2014 155.3 111.7 11.8% CAGR: 2009-14 Source: Datamonitor 10.1% DATAMONITOR • Sources: Standard & Poor's Industry Surveys (n, the Datamonitor Group, and information provided by management. CONFIDENTIAL I WTAS LLC 13 EFTA00307307 WTAS ALIPHCOM - COMMON EQUITY VALU

o Companies with lower price stability exhibited higher discounts. o Companies with higher earnings stability exhibited lower discounts. IS From Milton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company," Journal of Taxation, June 1972, pp. 353-54. gcb From Rober

7% 2012 124.8 89.7 10.3% 2013 138.9 99.9 11.3% 2014 155.3 111.7 11.8% CAGR: 2009-14 Source: Datamonitor 10.1% DATAMONITOR • Sources: Standard & Poor's Industry Surveys (n, the Datamonitor Group, and information provided by management. CONFIDENTIAL I WTAS LLC 13 EFTA00307206 WTAS ALIPHCOM - COMMON EQUITY VALU

o Companies with lower price stability exhibited higher discounts. o Companies with higher earnings stability exhibited lower discounts. IS From Milton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company," Journal of Taxation, June 1972, pp. 353-54. gcb From Rober