Epstein Secrets

8.7% 1.3% 0.0% Average industry capitaliration 92.9% 5.9% 1.2% Selected capitalintton (rounded) 100.0% 0.0% Markel Cap Weighted Beta 0.96 Median Bela 1.31 Average Bela 1.29 Selected Beta 1.31 $ULLECT CAPITAL STRUCTURE SUBJECT COMPANY Equity Interest Other Unlevered Slarket Bearing (Pt

tions 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 1993, PP- 459-485. 27 From Bruce Johnson, "Res

8.7% 1.3% 0.0% Average industry capitaliration 92.9% 5.9% 1.2% Selected capitalintton (rounded) 100.0% 0.0% Markel Cap Weighted Beta 0.96 Median Bela 1.31 Average Bela 1.29 Selected Beta 1.31 $ULLECT CAPITAL STRUCTURE SUBJECT COMPANY Equity Interest Other Unlevered Slarket Bearing (Pt

tions 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 1993, PP- 459-485. 27 From Bruce Johnson, "Res

8.7% 1.3% 0.0% Average industry capitaliration 92.9% 5.9% 1.2% Selected capitalintton (rounded) 100.0% 0.0% Markel Cap Weighted Beta 0.96 Median Bela 1.31 Average Bela 1.29 Selected Beta 1.31 $ULLECT CAPITAL STRUCTURE SUBJECT COMPANY Equity Interest Other Unlevered Slarket Bearing (Pt

tions 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 1993, PP- 459-485. 27 From Bruce Johnson, "Res