Epstein Secrets

% 12.0% 11.1% 2006 NA 20.2% 13.5% 5.0% 9.1% 27.2% 11.7% 12.2% Average 13.8% 2007 -44% 18.2% 18.1% 6.0% 17.4% 29.4% 10.8% 13.0% Medlin 12.6% 2008 -7244 23.0% 124% 3.3% 12.9% 26.7% 8.8% 7.0% 2009 49% 20.6% 6.3% 0.4% 193% 23.8% 6.8% 5.7% 2010 0.2% 18.3% 5.6% 9.3

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1

% 12.0% 11.1% 2006 NA 20.2% 13.5% 5.0% 9.1% 27.2% 11.7% 12.2% Average 13.8% 2007 -44% 18.2% 18.1% 6.0% 17.4% 29.4% 10.8% 13.0% Medlin 12.6% 2008 -7244 23.0% 124% 3.3% 12.9% 26.7% 8.8% 7.0% 2009 49% 20.6% 6.3% 0.4% 193% 23.8% 6.8% 5.7% 2010 0.2% 18.3% 5.6% 9.3

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1

% 12.0% 11.1% 2006 NA 20.2% 13.5% 5.0% 9.1% 27.2% 11.7% 12.2% Average 13.8% 2007 -44% 18.2% 18.1% 6.0% 17.4% 29.4% 10.8% 13.0% Medlin 12.6% 2008 -7244 23.0% 124% 3.3% 12.9% 26.7% 8.8% 7.0% 2009 49% 20.6% 6.3% 0.4% 193% 23.8% 6.8% 5.7% 2010 0.2% 18.3% 5.6% 9.3

y was based on approximately 72 restricted stock transactions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1