Epstein Secrets

7 From 'Discounts Involved in Purchases of Common Stock (1966-1969), "Institutional Investor Study Report of the Securities and Exchange Commission, MEL Doc. No. 64, Part 5, 92nd Congress, ist Session, 1971, pp. 2444-2456. CONFIDENTIAL I WTAS LLC 93 EFTA00307488 WTAS ALIPHCOM — COMMON EQUITY VALUATI

olding period was negative 29.6% (a premium) to 71.0%, with an overall mean and median of 22.3% and 20.1%, respectively. • Hertzel — Smith Studya6. Hertzel and Smith conducted a study on discounts associated with restricted stocks. The study was based on approximately 106 restricted stock transactions t

7 From 'Discounts Involved in Purchases of Common Stock (1966-1969), "Institutional Investor Study Report of the Securities and Exchange Commission, MEL Doc. No. 64, Part 5, 92nd Congress, ist Session, 1971, pp. 2444-2456. CONFIDENTIAL I WTAS LLC 93 EFTA00307387 WTAS ALIPHCOM — COMMON EQUITY VALUATI

olding period was negative 29.6% (a premium) to 71.0%, with an overall mean and median of 22.3% and 20.1%, respectively. • Hertzel — Smith Studya6. Hertzel and Smith conducted a study on discounts associated with restricted stocks. The study was based on approximately 106 restricted stock transactions t

7 From 'Discounts Involved in Purchases of Common Stock (1966-1969), "Institutional Investor Study Report of the Securities and Exchange Commission, MEL Doc. No. 64, Part 5, 92nd Congress, ist Session, 1971, pp. 2444-2456. CONFIDENTIAL I WTAS LLC 93 EFTA00307286 WTAS ALIPHCOM — COMMON EQUITY VALUATI

olding period was negative 29.6% (a premium) to 71.0%, with an overall mean and median of 22.3% and 20.1%, respectively. • Hertzel — Smith Studya6. Hertzel and Smith conducted a study on discounts associated with restricted stocks. The study was based on approximately 106 restricted stock transactions t