Epstein Secrets

ear holding period. Therefore, hereafter, references to the FMV study refer only to those securities with a two-year holding period. CONFIDENTIAL i wras LLC 74 EFTA00307469 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 • Market Price Volatility. Companies with greater volatilit

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu

ear holding period. Therefore, hereafter, references to the FMV study refer only to those securities with a two-year holding period. CONFIDENTIAL i wras LLC 74 EFTA00307368 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 • Market Price Volatility. Companies with greater volatilit

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu

ear holding period. Therefore, hereafter, references to the FMV study refer only to those securities with a two-year holding period. CONFIDENTIAL i wras LLC 74 EFTA00307267 WTAS ALIPHCOM - COMMON EQUITY VALUATION REPORT As of June 20, 2011 • Market Price Volatility. Companies with greater volatilit

33% -43% 1992-93 443 49 45% e l 1994-95 318 45 43% 41% 1995-97 732 84 43% 41% 1997-00 1,847 266 so% 52% All Transactions 4,088 Willimommilk 46% _Au 47% Valuation Advisors Studyt6 Brian Pearson of Valuation Advisors conducted pre-IPO studies in 1999, 2000, and 2001. These studies inclu