Epstein Secrets

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1

inancial Analysis ALIPHCOM - COMMON EQUITY VALUATION As of June 20, 2011 10 EFTA00307405 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of JUlle 20, 2011 Exhibit B: Historical Financial Analysis Aliph's revenues rebounded in 2010 following the decline in 2009 as a result of the lackluster de

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1

inancial Analysis ALIPHCOM - COMMON EQUITY VALUATION As of June 20, 2011 10 EFTA00307304 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of JUlle 20, 2011 Exhibit B: Historical Financial Analysis Aliph's revenues rebounded in 2010 following the decline in 2009 as a result of the lackluster de

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1

inancial Analysis ALIPHCOM - COMMON EQUITY VALUATION As of June 20, 2011 10 EFTA00307203 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of JUlle 20, 2011 Exhibit B: Historical Financial Analysis Aliph's revenues rebounded in 2010 following the decline in 2009 as a result of the lackluster de