EFTA00307395Set 9
2011-06-20101p32,279w
WTAS
VALUATION SERVICES GROUP
AliphCom
Common Equity Valuation as of June 20, 2011
CONFIDENTIAL
EFTA00307395
ALIPHCOM — COMMON EQUITY VALUATION REPORT
WTAS As of June 2o, 2011
Table of Contents
Transmittal ... Historical Financial Analysis
Exhibit C: Industry Overview
Exhibit D: Economic Overview
Exhibit E: Valuation Methodologies
Company Valuation (Step 1)
Allocation of Company Value to Each Ownership Class (Step 2)
Selected ... Approaches
Total Company Valuation
Exhibit F: Income Approach
Revenue, Expenses, and Profitability
Income Taxes
Cash Flow Items
Discount Rate
Residual Value
Conclusion
Exhibit G: Discounted Cash Flow Analysis
Exhibit
https://www.justice.gov/epstein/files/DataSet%209/EFTA00307395.pdf
EFTA01127114Set 9
2012-02-0779p8,286w
Avenue, New York, New York 10021. +1 212 606 7000
07 February 2012 I Valuation Number 70228684
EFTA01127115
SUMMARY
FAR MARKET VALUE
PAGE NEW YORK, NEW YORK VALUE
5 19th ... Contemporary Art $225.0 0 0
TOTAL: $1,693,190,142
07 February 2012 I Valuation Number 70223604 I Page 4
EFTA01127117
NEW YORK, NEW YORK
19Th CENTURY PAINYNGS
AUBREY VINCENT ... inches
$80,000
Sot h e by s
07 Febettety 2012 I Valuation Numb.. 70228684 I Page S
EFTA01127118
NEW YORK, NEW YORK
19TH CENTURY PAINTINGS
5 RODOLPHE BRESDIN
https://www.justice.gov/epstein/files/DataSet%209/EFTA01127114.pdf
EFTA01282628Set 10
2013-10-2832p13,830w
upon a demand made by the Secured Party on or
promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals or exceeds the
Pledgor's Minimum ... otherwise specified in Paragraph 13, the "Delivery Amount' applicable to the Pledgor for
any Valuation Date will equal the amount by which:
(f) the Credit Support Amount
exceeds ... Value as of that Valuation Date of all Posted Credit Support held by the Secured Party.
(b) Renew Amount Subject to Paragraphs 4 and 5, upon a demand made
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01282628.pdf
EFTA02689873Set 11
60p30,893w
Money Laundering and Terrorist Financing Requirements 26
12. Calculation of the NAV 27
13. Valuation of Investments 31
14. Temporal), Suspension of Calculation of the NAV and/or of Subscription, Redemption ... Capital Contributions 55
8. Drawdown from Investors 57
9. Re-Investment Cash 59
10. Valuation Date 59
11. Distributions and Allocation ofLiquidation Proceeds — Carried Interest — Re-Investment 59
12. Management ... except in, all cases, any company in which the Company holds an Investment.
Annual Valuation has the meaning set out in Section 13.3 of the General Section;
Articles means
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02689873.pdf
EFTA01153933Set 9
2013-09-1210p2,415w
Experts is aimed at providing specific deal terms and estimated post-money
valuations for the venture-backed company. Included in the report are national, regional, and industry averages, company
comparisons ... investment rounds with deal terms, price per share, estimated fully diluted shares, and valuation trends. VC
Experts has compiled this intense level of data from Federal and State regulatory filings ... Copyright ©2014 VC Experts.com. Inc. 2031 Kings Hwy. Shreveport. LA 71103
EFTA01153933
Investment Data
Valuation Eat Fully Diluted Shares Preferred Price Per Share
04114/2014 $11.27
Preferred Price Per Share
https://www.justice.gov/epstein/files/DataSet%209/EFTA01153933.pdf
EFTA02700566Set 11
2006-12-2127p7,671w
Schedule A, Part 3 of the Return, there is
shown below (I) the valuation of the initial fair market value of the Trust, (2) the annuity
percentages taken from ... from the Trust in return for his contribution. Based on an appraisal
by Empire Valuation Consultants., a copy of which is attached as Exhibit G- I AP, on
December ... Schedule A, Part 3 of the Return, there is
shown below (1) the valuation of the initial fair market value of the Trust, (2) the annuity
percentages taken from
https://www.justice.gov/epstein/files/DataSet%2011/EFTA02700566.pdf
Deutsche Bank Group Valuation Statement
Request 182298
27 Jul 2015
SOUTHERN FINANCIAL, LLC
As of 24 Jul 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relating to this statement contact: •
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
hnw.clientservices@db.com,Gedeon ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474051.pdf
Deutsche Bank Group Valuation Statement
Request 182298
18 Aug 2015
SOUTHERN FINANCIAL, LLC
As of 17 Aug 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relating to this statement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Ema
hnw.clientservices@db.com,Gedeon ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474337.pdf
Deutsche Bank Group Valuation Statement
Request 182298
25 Aug 2015
SOUTHERN FINANCIAL, LLC
As of 24 Aug 15
Deutsche Bank AG
For Sales Inquiries
Daniel Sabba (Tel) (Email)
For questions ... relatin to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Emai
edeon Pinedo (Email) ,Vahe
Stepanian (Email)
,Mark Whyman ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474387.pdf
Deutsche Bank Group Valuation Statement
Request 182298
15 Jun 2015
SOUTHERN FINANCIAL, LLC
As of 12 Jun 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relatin to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
,Gedeon Pinedo (Email) ,Vahe
Stepanian (Email)
,Mark ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473566.pdf
Deutsche Bank Group Valuation Statement
Request 182298
11 Aug 2015
SOUTHERN FINANCIAL, LLC
As of 10 Aug 15
Deutsche Bank AG
For Sales Inquiries
Daniel Sabba (Tel) + mail)
For questions ... relati ent contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
hnw.clientservices@db.com,Gedeon Pinedo (Email) ,Vahe ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474221.pdf
EFTA01473077Set 10
2015-05-136p830w
Deutsche Bank Group Valuation Statement
Request 182298
13 May 2015
SOUTHERN FINANCIAL, LLC
As of 12 May 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) + (Email ... questions relating to this statement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Ema
hnw.clientservices@db.com,Gedeon ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473077.pdf
Deutsche Bank Group Valuation Statement
Request 182298
28 Sep 2015
SOUTHERN FINANCIAL, LLC
As of 25 Sep 15
Deutsche Bank AG
For Sales Inquiries
Daniel Sabba (Tel) (Email)
For questions ... relating to this statement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email
hnw.clientservices@db.com,Gedeon Pinedo ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01474749.pdf
Deutsche Bank Group Valuation Statement
Request 182298
30 Dec 2015
SOUTHERN FINANCIAL, LLC
As of 29 Dec 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relatin to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
,Gedeon Pinedo (Email) ,Vahe
Stepanian (Email)
,Mark ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01476728.pdf
Deutsche Bank Group Valuation Statement
Request 182298
25 Jun 2015
SOUTHERN FINANCIAL, LLC
As of 24 Jun 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relatin to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
,Gedeon Pinedo (Email) ,Vahe
Stepanian (Email)
,Mark ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473638.pdf
Deutsche Bank Group Valuation Statement
Request 182298
03 Jul 2015
SOUTHERN FINANCIAL, LLC
As of 02 Jul 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relatin to this statement contact:
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
,Gedeon Pinedo (Email) ,Vahe
Stepanian (Email)
,Mark ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473846.pdf
Deutsche Bank Group Valuation Statement
Request 182298
21 Oct 2015
SOUTHERN FINANCIAL, LLC
As of 20 Oct 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relat' • tement c •
Valuations NY (Tel) (Email)
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
,Gedeon Pinedo (Email) Vahe
Stepanian (Email)
,Mark Whyman (Email ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01475363.pdf
Deutsche Bank Group Valuation Statement
Request 182298
15 Apr 2014
SOUTHERN FINANCIAL, LLC
As of 15 Apr 14
Deutsche Bank AG
For Sales Inquiries Contact:
Tazia Smith (Tel) Email ... questions relating to this statement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Harrybeller Gmail (Email)
,Richard Kahn12 (Email) ,Gedeon
Pinedo ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01468367.pdf
Deutsche Bank Group Valuation Statement
Request 182298
23 Jun 2015
SOUTHERN FINANCIAL, LLC
As of 22 Jun 15
Deutsche Bank AG
For Sales Inquiries Contact:
Daniel Sabba (Tel) (Email ... questions relating to this statement contact:
Valuations NY (Tel) 1-212-250-2600 (Email) valuations.ny@db.com
SOUTHERN FINANCIAL, LLC
To:
Jabwcpa Gmail (Email) ,Richard Kahn12 (Email)
,Hnw Clientservices (Email)
hnw.clientservices@db.com,Gedeon ... specified in the
relevant trade Confirmation.
Deutsche Bank Group ("DB") is providing the valuations set forth above as an
accommodation to you solely for your own internal use. Unless expressly
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01473620.pdf