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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
5mø. Prat era ACOntlill niliM atdSmix v.x Prndese ((Fan.. Iffi Exoannee Clara». Claanna Narnisisee (canna ad Changan 94 B(4444 otitantini femme» Cbuf Euntne Oditer. Noiabl asa. and ~Iv el lbaril ecanaimaii Ciienui(( rotation. Dircon (Mau. Wahl dAuliaCm.nienud Vac »mime it lava. Silemaui Nat timcniive Movie a
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
5mø. Prat era ACOntlill niliM atdSmix v.x Prndese ((Fan.. Iffi Exoannee Clara». Claanna Narnisisee (canna ad Changan 94 B(4444 otitantini femme» Cbuf Euntne Oditer. Noiabl asa. and ~Iv el lbaril ecanaimaii Ciienui(( rotation. Dircon (Mau. Wahl dAuliaCm.nienud Vac »mime it lava. Silemaui Nat timcniive Movie a
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
5mø. Prat era ACOntlill niliM atdSmix v.x Prndese ((Fan.. Iffi Exoannee Clara». Claanna Narnisisee (canna ad Changan 94 B(4444 otitantini femme» Cbuf Euntne Oditer. Noiabl asa. and ~Iv el lbaril ecanaimaii Ciienui(( rotation. Dircon (Mau. Wahl dAuliaCm.nienud Vac »mime it lava. Silemaui Nat timcniive Movie a
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