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

.6% SLA NA 111STORICAL SEGMENT INTORMaTin• ai.% SI 1~10077u0 1/4 Tent tutf•Ongunaina I 4. Lip ▪ hkitism.<••••, Nlrtee hbanti ting 418.0.0 han% M.3.14 lat 871».... FIKS te. 18.1104. 11.2180 111.4031.2010 M8031.2011 9% .10% MA MA MA 34% 07. 10)% NA NA 104% NA NA 6% NA 23% • 5.7.1411

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

.6% SLA NA 111STORICAL SEGMENT INTORMaTin• ai.% SI 1~10077u0 1/4 Tent tutf•Ongunaina I 4. Lip ▪ hkitism.<••••, Nlrtee hbanti ting 418.0.0 han% M.3.14 lat 871».... FIKS te. 18.1104. 11.2180 111.4031.2010 M8031.2011 9% .10% MA MA MA 34% 07. 10)% NA NA 104% NA NA 6% NA 23% • 5.7.1411

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

.6% SLA NA 111STORICAL SEGMENT INTORMaTin• ai.% SI 1~10077u0 1/4 Tent tutf•Ongunaina I 4. Lip ▪ hkitism.<••••, Nlrtee hbanti ting 418.0.0 han% M.3.14 lat 871».... FIKS te. 18.1104. 11.2180 111.4031.2010 M8031.2011 9% .10% MA MA MA 34% 07. 10)% NA NA 104% NA NA 6% NA 23% • 5.7.1411