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d for tax planning and financial reporting purposes in conjunction with regulations of Section 409A of the Internal Revenue Code ("IRC") as well as Financial Accounting Standards Board ("PASS") Accounting Standards Codification ("ASC") Topic 718 - Compensation'. We have not been engaged to make any purchase or sale recommendations
OMMON EQUITY VALUATION REPORT As of June 20, 2011 Cost of Equity — Capital Asset Pricing Model To estimate The Company's cost of equity financing, the Capital Asset Pricing Model ("CAPM") was utilized. The CAPM measures the return required by investors given a company's risk profile. This model is expressed arithmetically by
d for tax planning and financial reporting purposes in conjunction with regulations of Section 409A of the Internal Revenue Code ("IRC") as well as Financial Accounting Standards Board ("PASS") Accounting Standards Codification ("ASC") Topic 718 - Compensation'. We have not been engaged to make any purchase or sale recommendations
OMMON EQUITY VALUATION REPORT As of June 20, 2011 Cost of Equity — Capital Asset Pricing Model To estimate The Company's cost of equity financing, the Capital Asset Pricing Model ("CAPM") was utilized. The CAPM measures the return required by investors given a company's risk profile. This model is expressed arithmetically by
d for tax planning and financial reporting purposes in conjunction with regulations of Section 409A of the Internal Revenue Code ("IRC") as well as Financial Accounting Standards Board ("PASS") Accounting Standards Codification ("ASC") Topic 718 - Compensation'. We have not been engaged to make any purchase or sale recommendations
OMMON EQUITY VALUATION REPORT As of June 20, 2011 Cost of Equity — Capital Asset Pricing Model To estimate The Company's cost of equity financing, the Capital Asset Pricing Model ("CAPM") was utilized. The CAPM measures the return required by investors given a company's risk profile. This model is expressed arithmetically by
Entities connected to both Financial Accounting Standards Board and the Capital Asset Pricing Model

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