Epstein Secrets

onsumer . endin 5.81% 7.53% 3.77% 7 Sources: Capital IQ, Federal Reserve Board, the Bureau of Economic Analysis, the Bureau of Labor Statistics, the University of Michigan Consumer Sentiment Report, Institute for Supply Management, the Livingston Survey, the EIU, and Standard & Poor's Industry Surveys. CONFIDENTIAL I WTAS LLC 17 EFTA00307412

e the risk-free rate, as Treasury securities are generally viewed by investors as having virtually no default risk. • Equity risk premium ("ERP", Rm — Re. The ERP represents the difference between the expected return on the market portfolio (km) and the risk-free rate (Re. This excess return compensa

onsumer . endin 5.81% 7.53% 3.77% 7 Sources: Capital IQ, Federal Reserve Board, the Bureau of Economic Analysis, the Bureau of Labor Statistics, the University of Michigan Consumer Sentiment Report, Institute for Supply Management, the Livingston Survey, the EIU, and Standard & Poor's Industry Surveys. CONFIDENTIAL I WTAS LLC 17 EFTA00307311

e the risk-free rate, as Treasury securities are generally viewed by investors as having virtually no default risk. • Equity risk premium ("ERP", Rm — Re. The ERP represents the difference between the expected return on the market portfolio (km) and the risk-free rate (Re. This excess return compensa

onsumer . endin 5.81% 7.53% 3.77% 7 Sources: Capital IQ, Federal Reserve Board, the Bureau of Economic Analysis, the Bureau of Labor Statistics, the University of Michigan Consumer Sentiment Report, Institute for Supply Management, the Livingston Survey, the EIU, and Standard & Poor's Industry Surveys. CONFIDENTIAL I WTAS LLC 17 EFTA00307210

e the risk-free rate, as Treasury securities are generally viewed by investors as having virtually no default risk. • Equity risk premium ("ERP", Rm — Re. The ERP represents the difference between the expected return on the market portfolio (km) and the risk-free rate (Re. This excess return compensa