Epstein Secrets

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

8.7% 1.3% 0.0% Average industry capitaliration 92.9% 5.9% 1.2% Selected capitalintton (rounded) 100.0% 0.0% Markel Cap Weighted Beta 0.96 Median Bela 1.31 Average Bela 1.29 Selected Beta 1.31 $ULLECT CAPITAL STRUCTURE SUBJECT COMPANY Equity Interest Other Unlevered Slarket Bearing (Pt

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

8.7% 1.3% 0.0% Average industry capitaliration 92.9% 5.9% 1.2% Selected capitalintton (rounded) 100.0% 0.0% Markel Cap Weighted Beta 0.96 Median Bela 1.31 Average Bela 1.29 Selected Beta 1.31 $ULLECT CAPITAL STRUCTURE SUBJECT COMPANY Equity Interest Other Unlevered Slarket Bearing (Pt

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

8.7% 1.3% 0.0% Average industry capitaliration 92.9% 5.9% 1.2% Selected capitalintton (rounded) 100.0% 0.0% Markel Cap Weighted Beta 0.96 Median Bela 1.31 Average Bela 1.29 Selected Beta 1.31 $ULLECT CAPITAL STRUCTURE SUBJECT COMPANY Equity Interest Other Unlevered Slarket Bearing (Pt