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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
(huma Mbe %Art 18141Emuive 01678. hanta anil Clama etExceac Camese Dito«. Minai ateinhanaatut leehrap Comma 461Ftkerbef of Etuttwe Commune Dirent (aima et Ank kLkal ('toirra ad Nembet of Lucane Commue« La. 0rØ draina fl émos entama« & Nemneak ()mana. Maki cf dama Mamie .7rd Marte elronfeanekk leakrtip Manas M
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
(huma Mbe %Art 18141Emuive 01678. hanta anil Clama etExceac Camese Dito«. Minai ateinhanaatut leehrap Comma 461Ftkerbef of Etuttwe Commune Dirent (aima et Ank kLkal ('toirra ad Nembet of Lucane Commue« La. 0rØ draina fl émos entama« & Nemneak ()mana. Maki cf dama Mamie .7rd Marte elronfeanekk leakrtip Manas M
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
(huma Mbe %Art 18141Emuive 01678. hanta anil Clama etExceac Camese Dito«. Minai ateinhanaatut leehrap Comma 461Ftkerbef of Etuttwe Commune Dirent (aima et Ank kLkal ('toirra ad Nembet of Lucane Commue« La. 0rØ draina fl émos entama« & Nemneak ()mana. Maki cf dama Mamie .7rd Marte elronfeanekk leakrtip Manas M
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