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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
tnabk Elbetnet tchverIng Ellxnhi macho. ~Ms coneolltrs. lam« smenty»pplysnots.ard ese~t(41.4ted shops It. 919MAL Ms<1. chislc honkend schs6corrpree Ndlees. 'Wow». Inlaad preinx4 IdtpIony pNpD..ardmNit Nous compaisfs prochcIsIMI 4nsbk ntImrk Conn«11,1) (MIMI «w Mes mes ottels...tdos herottt eber hop (g
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
tnabk Elbetnet tchverIng Ellxnhi macho. ~Ms coneolltrs. lam« smenty»pplysnots.ard ese~t(41.4ted shops It. 919MAL Ms<1. chislc honkend schs6corrpree Ndlees. 'Wow». Inlaad preinx4 IdtpIony pNpD..ardmNit Nous compaisfs prochcIsIMI 4nsbk ntImrk Conn«11,1) (MIMI «w Mes mes ottels...tdos herottt eber hop (g
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
tnabk Elbetnet tchverIng Ellxnhi macho. ~Ms coneolltrs. lam« smenty»pplysnots.ard ese~t(41.4ted shops It. 919MAL Ms<1. chislc honkend schs6corrpree Ndlees. 'Wow». Inlaad preinx4 IdtpIony pNpD..ardmNit Nous compaisfs prochcIsIMI 4nsbk ntImrk Conn«11,1) (MIMI «w Mes mes ottels...tdos herottt eber hop (g
Entities connected to both Rhode Island Street and Ndlees
ALIPHCOM
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the Board of Directors
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ORGANIZATIONMichael Tamaru
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