Epstein Secrets

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

mber 31, to -date For the fiscal yeses. ending December 31, 20011 2009 2010 3131/2011 2011 2012 2013 2914 2015 2016 2017 2018 2019 Operoling expores' 538.010 538,954 544,015 514,380 564,700 586,918 5120,521 5140,295 5152,595 5164,290 5177,461 5189,888 5201,281 at % of ~nut 2

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

mber 31, to -date For the fiscal yeses. ending December 31, 20011 2009 2010 3131/2011 2011 2012 2013 2914 2015 2016 2017 2018 2019 Operoling expores' 538.010 538,954 544,015 514,380 564,700 586,918 5120,521 5140,295 5152,595 5164,290 5177,461 5189,888 5201,281 at % of ~nut 2

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

mber 31, to -date For the fiscal yeses. ending December 31, 20011 2009 2010 3131/2011 2011 2012 2013 2914 2015 2016 2017 2018 2019 Operoling expores' 538.010 538,954 544,015 514,380 564,700 586,918 5120,521 5140,295 5152,595 5164,290 5177,461 5189,888 5201,281 at % of ~nut 2