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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
ls. tost 0th 00 Om woel 04 Pls. Prchnnl Ss.% Om IM.A. 04 L6i Ooi Phs MIturley NAM 04 0.4 IwnmlftP4lTala 514.462 44.6 hynalm. 0:9 MMS. Pal.nn.ne• Faters1.4 Vake 511791 SMAL VIN 14.3% go vn> 104 NASDA11 VLD i097.1 DNA VTD 43% ~I Ter F.4~6 LlM Mol Tor Vaam Des.31.3490 Dth11.2901
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
ls. tost 0th 00 Om woel 04 Pls. Prchnnl Ss.% Om IM.A. 04 L6i Ooi Phs MIturley NAM 04 0.4 IwnmlftP4lTala 514.462 44.6 hynalm. 0:9 MMS. Pal.nn.ne• Faters1.4 Vake 511791 SMAL VIN 14.3% go vn> 104 NASDA11 VLD i097.1 DNA VTD 43% ~I Ter F.4~6 LlM Mol Tor Vaam Des.31.3490 Dth11.2901
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
ls. tost 0th 00 Om woel 04 Pls. Prchnnl Ss.% Om IM.A. 04 L6i Ooi Phs MIturley NAM 04 0.4 IwnmlftP4lTala 514.462 44.6 hynalm. 0:9 MMS. Pal.nn.ne• Faters1.4 Vake 511791 SMAL VIN 14.3% go vn> 104 NASDA11 VLD i097.1 DNA VTD 43% ~I Ter F.4~6 LlM Mol Tor Vaam Des.31.3490 Dth11.2901
Entities connected to both Rhode Island Street and Pal.nn.ne•
ALIPHCOM
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the Board of Directors
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ORGANIZATIONMichael Tamaru
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