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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
eke i62011) OAF 139.1m411.441.1 NA S:ITMMDI/1NØ 23.2E SAM 29(40 132 » Wed 19( (/4»017 In* &in »ion I.» red Casten Mora 0.44anlare 3644C Markel Caplialleada 314562 »erne Teas.. V.4044, Phi 7~ DM 00 Lai Waal 1.5 Pin Prdint91944ct 60 Ise 4, 1.kob. n Pits 1414.1i, 14^74-a 00 tad ten Irma. Capha
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
eke i62011) OAF 139.1m411.441.1 NA S:ITMMDI/1NØ 23.2E SAM 29(40 132 » Wed 19( (/4»017 In* &in »ion I.» red Casten Mora 0.44anlare 3644C Markel Caplialleada 314562 »erne Teas.. V.4044, Phi 7~ DM 00 Lai Waal 1.5 Pin Prdint91944ct 60 Ise 4, 1.kob. n Pits 1414.1i, 14^74-a 00 tad ten Irma. Capha
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
eke i62011) OAF 139.1m411.441.1 NA S:ITMMDI/1NØ 23.2E SAM 29(40 132 » Wed 19( (/4»017 In* &in »ion I.» red Casten Mora 0.44anlare 3644C Markel Caplialleada 314562 »erne Teas.. V.4044, Phi 7~ DM 00 Lai Waal 1.5 Pin Prdint91944ct 60 Ise 4, 1.kob. n Pits 1414.1i, 14^74-a 00 tad ten Irma. Capha
Entities connected to both Rhode Island Street and Markel Caplialleada
ALIPHCOM
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the Board of Directors
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ORGANIZATIONMichael Tamaru
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