the Capital Asset Pricing Model
ORGANIZATIONN American Institute of Certified Public Accountants 2004
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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
asis for estimating the amount and timing of any such common equity value above the liquidation prefer erice that might be created in thefuture." 10 N American Institute of Certified Public Accountants 2004, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, p. 62-62. 9 American Institute of Certified Public Accountants 2004,
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
asis for estimating the amount and timing of any such common equity value above the liquidation prefer erice that might be created in thefuture." 10 N American Institute of Certified Public Accountants 2004, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, p. 62-62. 9 American Institute of Certified Public Accountants 2004,
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
asis for estimating the amount and timing of any such common equity value above the liquidation prefer erice that might be created in thefuture." 10 N American Institute of Certified Public Accountants 2004, Valuation of Privately-Held-Company Equity Securities Issued as Compensation, p. 62-62. 9 American Institute of Certified Public Accountants 2004,
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