Epstein Secrets

ation Review, December 2001, pp. 4-20; and John D. Emory Sr., F.R. Dengel III, and John D. Emory Jr., "The Value of Marketability as Illustrated in Initial Public Offerings of Dot-Com Companies," Business Valuation Review, September 2000, pp. 111-121. CONFIDENTIAL I WTAS LLC 91 EFTA00307486 WTAS ALIPHCOM - COMMON EQU

n restricted stock studies that have been published since 1991. These studies include the following: RESTRICTED STOCK STUDIES PUBLISHED SINCE 1991 William L. Silber 1981 — 1988 69 33.8% Management Planning , Inc. 1980 -1996 49 27.7% AMY (two-year holding period transactions) 1980 -1997 243 22.3% Hertzel

ation Review, December 2001, pp. 4-20; and John D. Emory Sr., F.R. Dengel III, and John D. Emory Jr., "The Value of Marketability as Illustrated in Initial Public Offerings of Dot-Com Companies," Business Valuation Review, September 2000, pp. 111-121. CONFIDENTIAL I WTAS LLC 91 EFTA00307385 WTAS ALIPHCOM - COMMON EQU

n restricted stock studies that have been published since 1991. These studies include the following: RESTRICTED STOCK STUDIES PUBLISHED SINCE 1991 William L. Silber 1981 — 1988 69 33.8% Management Planning , Inc. 1980 -1996 49 27.7% AMY (two-year holding period transactions) 1980 -1997 243 22.3% Hertzel

ation Review, December 2001, pp. 4-20; and John D. Emory Sr., F.R. Dengel III, and John D. Emory Jr., "The Value of Marketability as Illustrated in Initial Public Offerings of Dot-Com Companies," Business Valuation Review, September 2000, pp. 111-121. CONFIDENTIAL I WTAS LLC 91 EFTA00307284 WTAS ALIPHCOM - COMMON EQU

n restricted stock studies that have been published since 1991. These studies include the following: RESTRICTED STOCK STUDIES PUBLISHED SINCE 1991 William L. Silber 1981 — 1988 69 33.8% Management Planning , Inc. 1980 -1996 49 27.7% AMY (two-year holding period transactions) 1980 -1997 243 22.3% Hertzel