Epstein Secrets

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

table below for the descriptions and formulas related to these components by class. value Description Formula Upside to all shareholder, beyond Seri s Sb indif. threshold Between Series sb indif. threshold and Series a's indif threshold Between Series 4's indif. threshold and Series 3's indif thresho

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

table below for the descriptions and formulas related to these components by class. value Description Formula Upside to all shareholder, beyond Seri s Sb indif. threshold Between Series sb indif. threshold and Series a's indif threshold Between Series 4's indif. threshold and Series 3's indif thresho

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

table below for the descriptions and formulas related to these components by class. value Description Formula Upside to all shareholder, beyond Seri s Sb indif. threshold Between Series sb indif. threshold and Series a's indif threshold Between Series 4's indif. threshold and Series 3's indif thresho