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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
ia. sul dubbab sl0pal prosnms InaldMm.du cuttrigu elárs BlukLUrr, labnmal urm, seruces. rotruarratly ripUts. ani berrtugnng enpessnrg wroces. T.pMe. el bun& Btw 1.11crry App Workl thee offen Me1Ø ~pleno Inas aa duirnix otiktwe Ibl ock al Ik dne0bry 4nd .3"1113•99m9bast of hpplaUlial• 444411Y 11.3.14301 Ilbe2
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
ia. sul dubbab sl0pal prosnms InaldMm.du cuttrigu elárs BlukLUrr, labnmal urm, seruces. rotruarratly ripUts. ani berrtugnng enpessnrg wroces. T.pMe. el bun& Btw 1.11crry App Workl thee offen Me1Ø ~pleno Inas aa duirnix otiktwe Ibl ock al Ik dne0bry 4nd .3"1113•99m9bast of hpplaUlial• 444411Y 11.3.14301 Ilbe2
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
ia. sul dubbab sl0pal prosnms InaldMm.du cuttrigu elárs BlukLUrr, labnmal urm, seruces. rotruarratly ripUts. ani berrtugnng enpessnrg wroces. T.pMe. el bun& Btw 1.11crry App Workl thee offen Me1Ø ~pleno Inas aa duirnix otiktwe Ibl ock al Ik dne0bry 4nd .3"1113•99m9bast of hpplaUlial• 444411Y 11.3.14301 Ilbe2
Entities connected to both Rhode Island Street and el bun& Btw
ALIPHCOM
ORGANIZATION
the Board of Directors
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ORGANIZATIONMichael Tamaru
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