Epstein Secrets

011 96 EFTA00307491 WTAS wtas.com Petra N. Loer Managing Director— San Francisco Email: Office: 415.764.2740 Fax: 415.762.7534 Education: • UC Berkeley. BS (Business Administration, Global Trade Management) Affiliations: • CFA Institute •American Society of Appraisers (ASA) •Association for Corp

nd Richard L. Smith, "Market Discounts and Shareholder 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

011 96 EFTA00307390 WTAS wtas.com Petra N. Loer Managing Director— San Francisco Email: Office: 415.764.2740 Fax: 415.762.7534 Education: • UC Berkeley. BS (Business Administration, Global Trade Management) Affiliations: • CFA Institute •American Society of Appraisers (ASA) •Association for Corp

nd Richard L. Smith, "Market Discounts and Shareholder 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

011 96 EFTA00307289 WTAS wtas.com Petra N. Loer Managing Director— San Francisco Email: Office: 415.764.2740 Fax: 415.762.7534 Education: • UC Berkeley. BS (Business Administration, Global Trade Management) Affiliations: • CFA Institute •American Society of Appraisers (ASA) •Association for Corp

nd Richard L. Smith, "Market Discounts and Shareholder 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