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319 7.6110 7.1614 6.6116 %ma fah ».4914 111811 16.4461 16.3724 laid No IPAE 2553.5 2.611.3 2.4998 2623.6 Ian 19 hatitutnnal 11.1.1. MM Sloan %14.11 1340 A C.4 1369 3.19% Morgan Slink". In.caeranne BMW« AM 1444«irat hmstrican 05.0 10% Gmaarnme Papua FmdAMI 466 1,10% OHM Intxaml M
ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
319 7.6110 7.1614 6.6116 %ma fah ».4914 111811 16.4461 16.3724 laid No IPAE 2553.5 2.611.3 2.4998 2623.6 Ian 19 hatitutnnal 11.1.1. MM Sloan %14.11 1340 A C.4 1369 3.19% Morgan Slink". In.caeranne BMW« AM 1444«irat hmstrican 05.0 10% Gmaarnme Papua FmdAMI 466 1,10% OHM Intxaml M
ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
319 7.6110 7.1614 6.6116 %ma fah ».4914 111811 16.4461 16.3724 laid No IPAE 2553.5 2.611.3 2.4998 2623.6 Ian 19 hatitutnnal 11.1.1. MM Sloan %14.11 1340 A C.4 1369 3.19% Morgan Slink". In.caeranne BMW« AM 1444«irat hmstrican 05.0 10% Gmaarnme Papua FmdAMI 466 1,10% OHM Intxaml M
ION REPORT As of Julie 2o, 2011 CONCLUSION Based on the information provided and the analysis conducted, and subject to the attached Statement of Limiting Conditions, it is our opinion that one common share of the Company as of the Valuation Date should be valued as follows: $0.77 (rounded) ZERO DOLLARS AND SEV
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