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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
m, ha ».-tint plmant. arts/gas. eatIschnuek Kane 404 'Wang falitlatin: pnaclava. malliartialor Cne. a and La umpelaNedinclivamel I. Mkt.. Sal pop.Imaeubvennil. taiåry yy 401)iat Men M du. Weal] (Ras !hod sal subtle rawork utigrieduie cutteinns Flexi trakeregh) bane M.M.C.CIS. Nadi con peenlam. 00I37111/4
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
m, ha ».-tint plmant. arts/gas. eatIschnuek Kane 404 'Wang falitlatin: pnaclava. malliartialor Cne. a and La umpelaNedinclivamel I. Mkt.. Sal pop.Imaeubvennil. taiåry yy 401)iat Men M du. Weal] (Ras !hod sal subtle rawork utigrieduie cutteinns Flexi trakeregh) bane M.M.C.CIS. Nadi con peenlam. 00I37111/4
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
m, ha ».-tint plmant. arts/gas. eatIschnuek Kane 404 'Wang falitlatin: pnaclava. malliartialor Cne. a and La umpelaNedinclivamel I. Mkt.. Sal pop.Imaeubvennil. taiåry yy 401)iat Men M du. Weal] (Ras !hod sal subtle rawork utigrieduie cutteinns Flexi trakeregh) bane M.M.C.CIS. Nadi con peenlam. 00I37111/4
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