Epstein Secrets

397 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al

ude the following: (i) Discussions with management for growth and margin expectations: (ii) Forecast for fiscal years 2011 through 2016 provided by management OdaugemeM's Forecast"; (iii) Unaudited historical financials; and (iv) Guideline company infommtion. Management prepared its previous forecast in January 2011

296 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al

ude the following: (i) Discussions with management for growth and margin expectations: (ii) Forecast for fiscal years 2011 through 2016 provided by management OdaugemeM's Forecast"; (iii) Unaudited historical financials; and (iv) Guideline company infommtion. Management prepared its previous forecast in January 2011

195 WTAS ALIPHCOM — COMMON EQUITY VALUATION REPORT As of June 20, 2011 August 3, 2011 Mr. Michael Tamaru Chief Financial Officer AliphCom 99 Rhode Island Street, 3 ni floor San Francisco, CA 94103 Dear Mr. Tamaru: We have completed our analysis of the fair market value of the common equity of AliphCom ("Al

ude the following: (i) Discussions with management for growth and margin expectations: (ii) Forecast for fiscal years 2011 through 2016 provided by management OdaugemeM's Forecast"; (iii) Unaudited historical financials; and (iv) Guideline company infommtion. Management prepared its previous forecast in January 2011