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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
sing levels in the marketplace. is From John D. Emory Sr., F.R. Dengel 111, and John D. Emory Jr., 'Expanded Study of the Value of Marketability as Illustrated in Initial Public Offerings of Common Stock; May 1997 through December 2000," Business Valuation Review, December 2001, pp. 4-20; and John D. Emory
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
sing levels in the marketplace. is From John D. Emory Sr., F.R. Dengel 111, and John D. Emory Jr., 'Expanded Study of the Value of Marketability as Illustrated in Initial Public Offerings of Common Stock; May 1997 through December 2000," Business Valuation Review, December 2001, pp. 4-20; and John D. Emory
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
sing levels in the marketplace. is From John D. Emory Sr., F.R. Dengel 111, and John D. Emory Jr., 'Expanded Study of the Value of Marketability as Illustrated in Initial Public Offerings of Common Stock; May 1997 through December 2000," Business Valuation Review, December 2001, pp. 4-20; and John D. Emory
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