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  "documentTitle": "Greenhill Wesco Financial Presentation Dec 2010",
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      "text": "Market multiples applied to reported GAAP statistics for Wes-FIC; Shareholders' equity as of 9/30/2010; LTM net income as of 9/30/2010; Sensitivity to normalized investment income",
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      "text": "Additional Value Adjustments consist of: Discounting of loss, loss adjustment expense and unearned premium reserves and adjustment for agent's balances receivable; Valuation differential for GS Warrants from 9/30/2010 through illustrative signing date of 12/9/2010; Appreciation of common equity portfolio from 9/30/2010 through illustrative signing date of 12/9/2010",
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      "text": "Estimated book value as of 6/30/2011 before change in unrealized gains from illustrative signing date of 12/9/2010 through illustrative closing date of 6/30/2011; Based on estimate of net income from 9/30/2010 through 6/30/2011; Includes Additional Value Adjustments",
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      "text": "Wes-FIC management does not prepare financial projections in the ordinary course and declined to produce projections solely for the purposes of the proposed transaction. Furthermore, Wesco is not covered by any third-party research analysts and thus no third-party projections are available. As a result, Greenhill has not valued Wes-FIC using either (i) forward valuation multiples or (ii) a discounted cash flow analysis",
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      "text": "Source: Company filings",
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