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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
449fflyi Yaw( attain, 44w7cul eclat( 111) likkG•VatilIC,~4. pnit190.. HT/ .4eanceiektca.9 4(17(44(045.144494t( »luau( lure solalaan. »No n44.09(ercul i(aftw4t9 4441i(liNCI q,u5qun v aid 4400 (men~li(a... 44114 •11.b) 021.101:1% utx14 In Ji4144101(n. »..14tiitlal ei41/Ni. OL314. mid J.iroa ntletrnse 044(0
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
449fflyi Yaw( attain, 44w7cul eclat( 111) likkG•VatilIC,~4. pnit190.. HT/ .4eanceiektca.9 4(17(44(045.144494t( »luau( lure solalaan. »No n44.09(ercul i(aftw4t9 4441i(liNCI q,u5qun v aid 4400 (men~li(a... 44114 •11.b) 021.101:1% utx14 In Ji4144101(n. »..14tiitlal ei41/Ni. OL314. mid J.iroa ntletrnse 044(0
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
449fflyi Yaw( attain, 44w7cul eclat( 111) likkG•VatilIC,~4. pnit190.. HT/ .4eanceiektca.9 4(17(44(045.144494t( »luau( lure solalaan. »No n44.09(ercul i(aftw4t9 4441i(liNCI q,u5qun v aid 4400 (men~li(a... 44114 •11.b) 021.101:1% utx14 In Ji4144101(n. »..14tiitlal ei41/Ni. OL314. mid J.iroa ntletrnse 044(0
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