Epstein Secrets

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 VALUATION REPORT As of June 20

data. The ERP used in the analysis was based on the supply-side long-horizon historical ERP as provided in Morningstar's Stocks, Bonds, Bills, and Inflation Valuation Yearbook. Long-term expected equity returns can be forecasted by use of supply-side models, which use historical data to predict forward-looking ERPs. Use o

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 VALUATION REPORT As of June 20

data. The ERP used in the analysis was based on the supply-side long-horizon historical ERP as provided in Morningstar's Stocks, Bonds, Bills, and Inflation Valuation Yearbook. Long-term expected equity returns can be forecasted by use of supply-side models, which use historical data to predict forward-looking ERPs. Use o

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 VALUATION REPORT As of June 20

data. The ERP used in the analysis was based on the supply-side long-horizon historical ERP as provided in Morningstar's Stocks, Bonds, Bills, and Inflation Valuation Yearbook. Long-term expected equity returns can be forecasted by use of supply-side models, which use historical data to predict forward-looking ERPs. Use o