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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
s $9.511.3 „erne Trader% dénis Pls. tout Os% 2459 1%. 644 08 Pls. PtcfmnISsul 00 1%. s Ikola 67 Pin Mituill, Intei 00 lcm Yeu 17 'mate Caplul Valse v017.2 14%CM Eyndltds 01 n1 Esteepdot Vagie 01, 1A4 fata 3730 .461.9 %Mid Mad111221111 Outille nef 0.1% %ta: mu /sa .S.,wo 1.13 Muet
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
s $9.511.3 „erne Trader% dénis Pls. tout Os% 2459 1%. 644 08 Pls. PtcfmnISsul 00 1%. s Ikola 67 Pin Mituill, Intei 00 lcm Yeu 17 'mate Caplul Valse v017.2 14%CM Eyndltds 01 n1 Esteepdot Vagie 01, 1A4 fata 3730 .461.9 %Mid Mad111221111 Outille nef 0.1% %ta: mu /sa .S.,wo 1.13 Muet
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
s $9.511.3 „erne Trader% dénis Pls. tout Os% 2459 1%. 644 08 Pls. PtcfmnISsul 00 1%. s Ikola 67 Pin Mituill, Intei 00 lcm Yeu 17 'mate Caplul Valse v017.2 14%CM Eyndltds 01 n1 Esteepdot Vagie 01, 1A4 fata 3730 .461.9 %Mid Mad111221111 Outille nef 0.1% %ta: mu /sa .S.,wo 1.13 Muet
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