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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
leada 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. Caphal Value 51.431.2 Lea Cub A. (411•31/4b 1292 admit. NrInnurret 944499414r V44« 51 179 I tool YID ffi X0 IMP NASDAQ VI» 39.2%, I. teal DNA YID 4
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
leada 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. Caphal Value 51.431.2 Lea Cub A. (411•31/4b 1292 admit. NrInnurret 944499414r V44« 51 179 I tool YID ffi X0 IMP NASDAQ VI» 39.2%, I. teal DNA YID 4
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
leada 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. Caphal Value 51.431.2 Lea Cub A. (411•31/4b 1292 admit. NrInnurret 944499414r V44« 51 179 I tool YID ffi X0 IMP NASDAQ VI» 39.2%, I. teal DNA YID 4
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