Epstein Secrets

n the new activity band market. 3 Originally used for military applications, with its participation in a Defense Advanced Research Projects Agency (DARPA) program. CONFIDENTIAL I WTAS LLC 9 EFTA00307404 EXHIBIT B Historical Financial Analysis ALIPHCOM - COMMON EQUITY VALUATION As of June 20, 20

tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and 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, "Res

n the new activity band market. 3 Originally used for military applications, with its participation in a Defense Advanced Research Projects Agency (DARPA) program. CONFIDENTIAL I WTAS LLC 9 EFTA00307303 EXHIBIT B Historical Financial Analysis ALIPHCOM - COMMON EQUITY VALUATION As of June 20, 20

tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and 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, "Res

n the new activity band market. 3 Originally used for military applications, with its participation in a Defense Advanced Research Projects Agency (DARPA) program. CONFIDENTIAL I WTAS LLC 9 EFTA00307202 EXHIBIT B Historical Financial Analysis ALIPHCOM - COMMON EQUITY VALUATION As of June 20, 20

tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and 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, "Res