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449fflyi Yaw( attain, 44w7cul eclat( 111) likkG•VatilIC,~4. pnit190.. HT/ .4eanceiektca.9 4(17(44(045.144494t( »luau( lure solalaan. »No n44.09(ercul i(aftw4t9 4441i(liNCI q,u5qun v aid 4400 (men~li(a... 44114 •11.b) 021.101:1% utx14 In Ji4144101(n. »..14tiitlal ei41/Ni. OL314. mid J.iroa ntletrnse 044(0
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
449fflyi Yaw( attain, 44w7cul eclat( 111) likkG•VatilIC,~4. pnit190.. HT/ .4eanceiektca.9 4(17(44(045.144494t( »luau( lure solalaan. »No n44.09(ercul i(aftw4t9 4441i(liNCI q,u5qun v aid 4400 (men~li(a... 44114 •11.b) 021.101:1% utx14 In Ji4144101(n. »..14tiitlal ei41/Ni. OL314. mid J.iroa ntletrnse 044(0
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
449fflyi Yaw( attain, 44w7cul eclat( 111) likkG•VatilIC,~4. pnit190.. HT/ .4eanceiektca.9 4(17(44(045.144494t( »luau( lure solalaan. »No n44.09(ercul i(aftw4t9 4441i(liNCI q,u5qun v aid 4400 (men~li(a... 44114 •11.b) 021.101:1% utx14 In Ji4144101(n. »..14tiitlal ei41/Ni. OL314. mid J.iroa ntletrnse 044(0
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
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