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lower the discounts. o Companies with higher earnings have lower discounts. 17 From 'Discounts Involved in Purchases of Common Stock (1966-1969), "Institutional Investor Study Report of the Securities and Exchange Commission, MEL Doc. No. 64, Part 5, 92nd Congress, ist Session, 1971, pp. 2444-2456. CONFIDENTIAL I WTAS LLC 93 E

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lower the discounts. o Companies with higher earnings have lower discounts. 17 From 'Discounts Involved in Purchases of Common Stock (1966-1969), "Institutional Investor Study Report of the Securities and Exchange Commission, MEL Doc. No. 64, Part 5, 92nd Congress, ist Session, 1971, pp. 2444-2456. CONFIDENTIAL I WTAS LLC 93 E

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lower the discounts. o Companies with higher earnings have lower discounts. 17 From 'Discounts Involved in Purchases of Common Stock (1966-1969), "Institutional Investor Study Report of the Securities and Exchange Commission, MEL Doc. No. 64, Part 5, 92nd Congress, ist Session, 1971, pp. 2444-2456. CONFIDENTIAL I WTAS LLC 93 E